SoFi, Payward Team up to Connect Banking and Crypto Markets — Stock Trending

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SoFi Technologies Inc. is trending after the company announced a strategic partnership with Payward on Thursday, connecting SoFi's banking infrastructure with Kraken's digital asset markets. Shares traded higher on the news on Thursday.

SoFiUSD to List on Kraken

Under the agreement, Payward will join the SoFi Exchange Network and list SoFiUSD, SoFi's bank-issued stablecoin, on Kraken, its multi-asset trading platform. SoFi will also use Kraken Prime, Payward's prime brokerage solution, as an additional source of digital asset liquidity for trades made by SoFi members within its app. By joining SEN, SoFi's real-time settlement network, Kraken's institutional clients gain the ability to clear and settle U.S. dollar transactions around the clock, extending settlement beyond traditional banking hours.

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"The financial system should not shut down when markets stay open," said Anthony Noto, CEO of SoFi. "SoFi is building the trusted financial infrastructure for an always-on economy, combining the strength of a nationally chartered bank with technology that allows money to move seamlessly and efficiently."