SoFi Stock Jumps as Kraken Deal Brings Bank-Backed Token to Crypto Platform

SoFi's stock price surged by 2.5% after the company announced an agreement with Payward, the parent firm of Kraken, a prominent crypto platform. The deal enables SoFi's bank-backed token, SoFiUSD, to be listed on Kraken's trading app.

Under this partnership, Payward joins SoFi Exchange Network, allowing Kraken's institutional users to access 24/7 dollar clearing outside regular bank hours. In return, SoFi gains better crypto trade prices for its app users through Kraken Prime.

The listing of SoFiUSD on Kraken expands the reach of this dollar-backed coin, making it accessible to retail and institutional traders. This move enables SoFi to compete with other top dollar coins and facilitates big firms' ability to move funds without waiting for regular wire transfers to clear.