SoFi Taps Kraken Prime in Partnership Deal

SoFi Technologies and Payward, parent company of Kraken, have formed a partnership that connects SoFi's banking services to Kraken's digital asset trading infrastructure. The agreement allows institutional clients to transfer U.S. dollars outside traditional banking hours through the SoFi Exchange Network (SEN).

PAYWARD will join SEN while Kraken Prime will list the SoFiUSD stablecoin for retail, professional and institutional customers. The partnership also enables SoFi to use Kraken Prime as an additional liquidity and execution provider for cryptocurrency trades.

SoFi's Big Business Banking services will be used by Payward, which introduced its division in April to combine enterprise banking, payments, and digital asset capabilities within one offering. This connection is expected to remove delays that can arise when cryptocurrency markets remain open but banking services are unavailable.

The arrangement gives SoFi access to deeper liquidity and improved execution pricing through Kraken Prime's smart routing system. The company will route cryptocurrency order flow through Kraken Prime, which compares prices and available market depth across supported trading venues.