SoFi Links Banking Network and Stablecoin to Kraken in New Deal

In brief

• Payward will connect Kraken to the SoFi Exchange Network.
• Kraken will list SoFiUSD for retail and institutional customers.
• SoFi will use Kraken Prime as another source of crypto liquidity.

SoFi Technologies and Kraken parent Payward announced Thursday that the companies will connect the crypto exchange to SoFi’s dollar settlement network and add SoFi’s stablecoin to Kraken.

Payward will join the SoFi Exchange Network, known as SEN, allowing Kraken’s institutional clients to clear and settle U.S. dollar transactions at any time, including outside conventional banking hours.

SoFi will also use Kraken Prime as an additional source of liquidity for crypto trades placed through the SoFi app. A prime broker provides services such as trade execution and custody to institutions and trading platforms.

The companies said Kraken Prime could improve trade pricing for SoFi customers. Qualified custody services may be added later.

“The financial system should not shut down when markets stay open,” SoFi CEO Anthony Noto said in a statement.

As part of the deal, Kraken will list SoFi’s stablecoin SoFiUSD for retail, professional, and institutional customers.

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