SoFi Links Banking Network with Kraken Trading Infrastructure

SoFi Technologies and Payward have agreed to link SoFi's banking network with Kraken's trading infrastructure, expanding SoFi's real-time settlement system to the digital-asset platform. Under this deal, users on both platforms can move dollars and manage liquidity outside traditional banking hours.

The partnership extends SoFi's real-time settlement network, currently available to its enterprise banking clients, to institutional customers of Kraken. As part of the arrangement, SoFi will use Kraken Prime as an additional source of digital-asset liquidity for trades made through its app.

'Money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up,' said Payward Co-CEO David Ripley. 'Millions of people will buy their first crypto asset inside the app they already use for their paycheck, and the infrastructure behind that experience should connect them to deep, liquid markets built to operate at scale.'

SoFi launched its real-time settlement network in April alongside its Big Business Banking offering, which brings its enterprise banking and digital-asset operations together. Crypto transaction revenue reached $134.3 million in the second quarter, up 10% from the first quarter.