SoFi Teams with Kraken for Crypto Trade Execution

SoFi Technologies has partnered with Payward, parent company of Kraken, to route its digital asset order flow through Kraken Prime. The move aims to bring additional liquidity and efficiency to SoFi's crypto offerings.

The partnership allows Payward to join the SoFi Exchange Network (SEN), a real-time settlement system that clears U.S. dollar transactions around the clock. This will enable institutions to access SoFi's Big Business Banking and SEN settlement rails, giving them a regulated banking partner capable of settling fiat 24 hours a day.

SoFi has 15.8 million members who can already buy and sell crypto inside the SoFi app. As part of the deal, Payward will list SoFiUSD, SoFi's bank-issued stablecoin, on Kraken. The stablecoin is redeemable one-to-one for U.S. dollars and is designed to combine blockchain utility with the safeguards of a regulated bank.