SoFi Technologies (SOFI) and Payward, parent company of Kraken crypto exchange, announced a strategic partnership. This collaboration aims to connect traditional banking with digital asset markets.
Payward will join the SoFi Exchange Network (SEN) as part of the agreement. SEN enables 24/7 real-time U.S. dollar clearing and settlement for institutional clients.
SoFi's bank-issued stablecoin, SoFiUSD, will be listed on Kraken's trading platform.
SoFi will utilize Kraken Prime. This will serve as an additional liquidity source for SoFi's digital asset trading services. This is expected to result in better pricing for SoFi members who trade crypto within the app.
The deal builds on SoFi's "Big Business Banking" initiative. This initiative combines enterprise banking and digital asset capabilities.