SoFi partners with Kraken to enhance its banking network and launch SoFiUSD for all investor types.
SoFi and Kraken Collaborate to Integrate Banking and Crypto Services
SoFi Technologies has announced a strategic partnership with Payward, the parent company of Kraken, to connect Kraken's crypto exchange with SoFi's dollar settlement network and incorporate SoFi's stablecoin, SoFiUSD, into Kraken's offerings.
This collaboration will allow Payward to join the SoFi Exchange Network (SEN), enabling Kraken’s institutional clients to execute U.S. dollar transactions around the clock, even outside standard banking hours. Additionally, SoFi will utilize Kraken Prime to improve liquidity for crypto transactions made through its app, which is expected to enhance trade pricing for users and may introduce qualified custody services in the future.
SoFi CEO Anthony Noto emphasized the importance of keeping the financial system operational even when markets are active, stating, “The financial system should not shut down when markets stay open.”
As part of this agreement, Kraken will list SoFiUSD for a diverse range of customers, including retail, professional, and institutional investors. This move marks a significant step in expanding the partnership between traditional finance and cryptocurrency.
Recent Developments in Banking and Crypto Infrastructure
This partnership follows Payward's exploration of a public offering for Kraken, initiated in March 2025 after a favorable resolution with the Securities and Exchange Commission. SoFi is re-entering the crypto market after a two-year hiatus, having resumed trading for a variety of cryptocurrencies and allowing purchases through SoFi checking and savings accounts since June.
SoFiUSD, launched in December, is designed for trading, payments, and business transactions. Furthermore, in March 2026, Payward expanded its regulated financial framework, allowing Kraken Financial to access Federal Reserve payment systems, and announced a collaboration with Nasdaq for a tokenized equities initiative set to debut in 2027. SoFi also extended SoFiUSD to the Solana blockchain earlier this year.
