SoFi Opens Up Banking Network to Kraken in Groundbreaking Crypto Alliance
SoFi Technologies, Inc., a publicly traded company listed on the Nasdaq exchange, has partnered with Payward, the parent company of Kraken, in a move that could significantly enhance digital asset payments and liquidity. The partnership, announced on September 3, 2026, will allow Kraken to tap into SoFi's banking network, enabling faster money movement.
The deal also includes the listing of SoFiUSD, a stablecoin, on Kraken's exchange platform, where traders will be able to buy, sell, and trade using the asset. According to SoFi, this partnership will 'unlock new pathways' for Kraken in regards to institutional clients who want to settle 24/7/365.
The companies believe that extending settlement beyond traditional banking hours will enhance the money movement process, allowing clients to move money and manage liquidity on an always-on schedule. David Ripley, Co-CEO of Payward, stated that 'money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up.'
The partnership also includes SoFi's integration with Kraken Prime, which will enable better pricing for SoFi members on trades they already make on the app. As a result of the news, SOFI shares jumped more than 2%.