SoFi and Kraken Link Banking Rails, SoFiUSD and Crypto Liquidity

SoFi and Payward, the parent company of Kraken, announced a strategic partnership on September 3 that links SoFi’s banking and settlement infrastructure with Kraken’s digital-asset markets. The arrangement gives eligible Kraken institutional clients access to real-time, round-the-clock U.S. dollar clearing and settlement through the SoFi Exchange Network, or SEN, according to SoFi’s announcement.

The deal has three connected parts: Payward’s participation in SEN, a planned Kraken listing for SoFiUSD, and SoFi’s use of Kraken Prime as an additional venue for liquidity and trade execution on crypto orders made in its app. Decrypt separately reported the same structure.

Payward joins SoFi Exchange Network for dollar settlement

Payward, Kraken’s parent company, will join the SoFi Exchange Network (SEN), a connection that will enable eligible institutional Kraken clients to clear and settle U.S. dollars in real time, 24 hours a day and seven days a week. SoFi and Payward described the arrangement as a partnership connecting SoFi’s banking and settlement infrastructure with Kraken’s digital-asset markets. The announcement does not specify when the service will become available to clients or which institutions will qualify.

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