Sofi Teams Up with Kraken for Round-the-Clock Dollar Settlement
Sofi Technologies Inc., owner of SoFi Exchange Network, announced that it has partnered with Payward, the infrastructure company behind Kraken exchange. As part of this partnership, SofiUSD, a stablecoin issued by SoFi, will be listed on Kraken's platform. This move allows institutional clients to move dollars at any hour, 24/7.
The integration of Sofi Exchange Network and Kraken Prime is expected to provide supplemental liquidity to SoFi users, making pricing sharper on trades. Payward Co-CEO David Ripley stated that 'money and markets are converging into a new financial paradigm.' This partnership also allows for the use of a settlement service previously only available to SoFi's business banking clients.
The deal follows the announcement in April by SoFi of its Big Business Banking platform, which provides a one-stop fiat-and-crypto service. The firm reported that its crypto transaction revenue reached $134.3 million in Q2, up 10% sequentially, on $1.2 billion of adjusted net revenue overall.