SoFi Teams Up with Payward to Bridge Banking and Crypto Markets

SoFi Technologies Inc. (NASDAQ:SOFI) has entered into a strategic partnership with Payward, connecting its banking infrastructure with Kraken's digital asset markets.

The agreement enables SoFi to list SoFiUSD, its bank-issued stablecoin, on Kraken, allowing millions of retail, professional, and institutional clients to access the stablecoin. SoFi members will also benefit from better pricing on crypto trades made through Kraken Prime's liquidity.

As part of the partnership, Payward will join SoFi Exchange Network (SEN), giving Kraken's institutional clients the ability to clear and settle U.S. dollar transactions around the clock. This extends settlement beyond traditional banking hours, making it possible for the financial system to function 24/7.