SoFi Technologies and Kraken parent company Payward have announced a partnership that combines SoFi’s banking and settlement infrastructure with Kraken’s digital asset trading capabilities, expanding access to crypto services for both institutional and retail customers.
Under the agreement, Payward will join the SoFi Exchange Network (SEN), enabling eligible institutional clients to access round-the-clock U.S. dollar settlement services. Kraken will also list SoFiUSD, SoFi’s dollar-backed stablecoin, while SoFi will use Kraken Prime as an additional source of liquidity and trade execution for cryptocurrency transactions.
The partnership links traditional banking infrastructure with digital asset markets, allowing institutions to access blockchain-based financial services while continuing to use familiar payment systems.
SEN provides continuous U.S. dollar transfers and settlement outside traditional banking hours, helping reduce delays that can occur when crypto markets remain open while conventional banking systems are offline. Payward will also utilize SoFi’s Big Business Banking platform, which combines enterprise banking, payment services and digital asset capabilities.
SoFi plans to route crypto orders through Kraken Prime, which aggregates liquidity across multiple trading venues and uses smart order routing to seek competitive execution prices. The arrangement is designed to provide deeper liquidity and improved market access, although trade execution will still depend on market conditions, order size and available liquidity.
The partnership may later expand to include qualified custody services, though neither company has provided a timeline or details regarding potential custody offerings.
Kraken will also list SoFiUSD, extending the stablecoin’s availability beyond SoFi’s banking application. The dollar-backed token launched through SoFi earlier this year and supports transactions on Ethereum and Solana. The Kraken listing gives retail, professional and institutional users additional access to the stablecoin, although trading pairs and supported deposit networks have not yet been disclosed.
The agreement reflects broader expansion efforts by both firms. SoFi continues to build out its digital asset and stablecoin offerings, while Kraken has expanded beyond cryptocurrency trading into areas such as institutional prime brokerage, equities and derivatives.
The companies said the partnership could eventually extend into additional areas including payments, treasury services, lending and other digital asset products. However, no launch dates or specific product plans have been announced.
