SoFi and Kraken have formed a partnership connecting banking services, dollar settlement, stablecoins, and crypto trading infrastructure. The deal gives Kraken access to SoFi's financial network while providing SoFi with an additional source of crypto liquidity for customer trades.
Banking Network Access
Payward, Kraken's parent company, will join the SoFi Exchange Network (SEN), enabling Kraken's institutional clients to move U.S. dollars and manage liquidity outside standard banking hours. SEN was designed to support faster dollar transfers for companies operating around the clock, allowing businesses to settle funds without waiting for traditional bank schedules.
Stablecoin Listing and Liquidity
Kraken will list SoFiUSD, SoFi's dollar-backed stablecoin, making the token available to Kraken's retail, professional, and institutional users. SoFi will use Kraken Prime as an additional liquidity source for crypto trades made through its platform, providing customers with increased market depth when buying or selling digital assets.
Broader Digital Finance Strategy
The partnership follows SoFi's recent expansion into crypto services, including the launch of crypto trading on its app and the introduction of SoFiUSD. SoFi also launched Big Business Banking in April, which combines enterprise banking with digital asset services. Kraken's Prime division serves institutional clients with trading services, liquidity access, and other tools.
Both companies indicated the relationship could expand into payments, treasury services, lending, and other digital asset products beyond the current arrangement.
