Key Highlights
- Payward will connect Kraken to the SoFi Exchange Network.
- Kraken will offer SoFiUSD to retail and institutional investors.
- SoFi plans to utilize Kraken Prime for enhanced crypto liquidity.
On Thursday, SoFi Technologies and Payward, the parent company of Kraken, revealed their partnership aimed at linking the crypto exchange with SoFi’s dollar settlement network and incorporating SoFi’s stablecoin into Kraken's offerings.
Through this collaboration, Payward will join the SoFi Exchange Network (SEN), enabling Kraken’s institutional clients to execute and settle U.S. dollar transactions at any time, even beyond standard banking hours.
Myriad: What’s next for Ethereum price? Make your prediction here.Additionally, SoFi will leverage Kraken Prime to enhance liquidity for crypto transactions executed via the SoFi app. A prime broker offers services such as trade execution and custody for institutions and trading platforms.
The companies believe that utilizing Kraken Prime could lead to better trade pricing for SoFi users, with the potential for adding qualified custody services in the future.
“The financial system should not shut down when markets stay open,” stated SoFi CEO Anthony Noto.
As part of the agreement, Kraken will list SoFi’s stablecoin SoFiUSD for all types of customers, including retail, professional, and institutional investors.
Developing Banking and Crypto Infrastructure
This partnership is the latest initiative from Payward, which began exploring a public offering for Kraken in March 2025, after the Securities and Exchange Commission decided to drop its lawsuit against the exchange.
SoFi had previously announced its return to the crypto market in June, two years after halting its earlier offerings. In November, the company began offering trading for up to 30 cryptocurrencies, allowing users to make purchases using their SoFi checking and savings accounts.
SoFiUSD was introduced in December as a means for trading, payments, and business transactions.
In 2026, Payward expanded its regulated financial framework, with Kraken Financial gaining access to Federal Reserve payment systems in March. Shortly thereafter, Payward partnered with Nasdaq for a tokenized equities initiative set to launch in 2027. In May, SoFi extended SoFiUSD to the Solana blockchain.