SoFi, Kraken Tie Banking Rails to Crypto Infrastructure for 24/7 Dollar Settlement
Summary
- SoFi Technologies said it had signed a strategic partnership with Payward to link banking payment rails with the digital-asset market.
- Under the partnership, Kraken’s institutional clients will be able to use SoFi’s real-time payments network, SEN, for a 24/7 U.S. dollar settlement system.
- Payward will also list SoFi’s dollar stablecoin SoFiUSD on Kraken, while SoFi will use Kraken’s prime brokerage service as an additional source of liquidity for crypto trading.
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SoFi Technologies is partnering with Payward, the operator of crypto exchange Kraken, to connect bank payment rails with digital-asset trading infrastructure.
The company said September 3 it had entered a strategic partnership with Payward to link banking networks with the digital-asset market.
Under the agreement, Payward will join SoFi’s real-time payments network, the SoFi Exchange Network, or SEN. Kraken’s institutional clients will be able to use SEN for 24/7 U.S. dollar settlement regardless of bank business hours.
SEN is currently available to SoFi’s corporate clients. The partnership is focused on helping companies and institutions settle and clear dollar transactions in real time, rather than enabling retail peer-to-peer transfers.
Payward will also list SoFiUSD, a dollar stablecoin issued by SoFi, on Kraken. SoFi plans to use Kraken Prime, the exchange’s institutional prime brokerage service, as an additional source of liquidity for crypto trades executed on its app.
The companies are also considering expanding the partnership into custody services. They also plan additional cooperation in payments, treasury management and lending.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul