Key facts
- SoFi and Kraken parent Payward have partnered to integrate crypto and banking services.
- Kraken will connect to SoFi's 24/7 dollar settlement network (SEN).
- SoFiUSD stablecoin will be listed on Kraken.
- SoFi will utilize Kraken Prime for digital asset liquidity.
- Kraken's institutional clients will gain access to SEN for round-the-clock U.S. dollar settlement.
SoFi Technologies and Kraken parent Payward have announced a strategic partnership aimed at enhancing crypto trading and financial infrastructure. Under the agreement, Kraken will connect to SoFi's dollar settlement network, known as SEN, enabling its institutional clients to clear and settle U.S. dollar transactions at any time, including outside of traditional banking hours. Additionally, SoFi will leverage Kraken Prime as a source of liquidity for its crypto trading services offered through the SoFi app. This collaboration is expected to improve trade pricing for SoFi customers, with potential for qualified custody services to be added later. SoFi CEO Anthony Noto highlighted the importance of continuous market access, stating, "The financial system should not shut down when markets stay open." As part of the deal, Kraken will list SoFi's stablecoin, SoFiUSD, making it available to retail, professional, and institutional customers on the exchange. This move signifies SoFi's renewed focus on crypto offerings, following plans announced in June to re-enter the market after an earlier withdrawal. SoFi began rolling out trading for up to 30 crypto assets in November, allowing customers to fund purchases using their SoFi checking and savings accounts. SoFi introduced SoFiUSD in December for trading, payments, and business transfers, and has since expanded its availability to the Solana blockchain. The partnership also follows Kraken's recent advancements, including securing access to the Federal Reserve’s payment systems in March and Payward's formation of a tokenized-equities partnership with Nasdaq.