Payward joins SoFi's settlement network as Kraken lists the SoFiUSD stablecoin

Kraken’s owner Payward will connect to SoFi’s real-time settlement rails and carry SoFi’s bank-issued stablecoin on its exchange.

The partnership, announced Thursday, lets institutional clients on either platform move dollars at any hour.

Payward joins SoFi’s 24/7 rail

Payward, the infrastructure company behind the Kraken exchange, is joining the SoFi Exchange Network, the always-on settlement rail launched in April.

SoFi is using Payward’s prime brokerage, Kraken Prime, to route crypto trades from its app to access deep liquidity.

Kraken will list SoFiUSD, a stablecoin redeemable one-to-one for U.S. dollars, and make it available to the platform’s retail, professional, and institutional users. SoFi and Payward issued a joint statement on September 3.

The deal lets institutional traders use a settlement service that was only available to SoFi’s business banking clients before.

Kraken customers have the option to settle and hold dollars on both networks at any time.

SoFi’s crypto revenue reached $134.3 million in Q2

Legacy bank rails go dark on nights and weekends, but crypto continues to trade.

… Continue reading the full article at the original source below.