SoFi and Kraken Forge Institutional Banking and Trading Alliance

Payward is set to join the SoFi Exchange Network, enabling institutional clients to execute round-the-clock U.S. dollar transfers. This integration bypasses the limitations of traditional banking hours, allowing for continuous liquidity management that aligns with the 24/7 nature of cryptocurrency markets. As part of the move, SoFi will route cryptocurrency orders through Kraken Prime, utilizing smart-routing technology to aggregate market depth and improve execution pricing for its users.

Kraken plans to list SoFiUSD, the stablecoin SoFi launched in May for its 15 million app users. This marks the first time the token will be available for trade outside of SoFi’s proprietary banking application. While the companies have signaled interest in expanding their collaboration to include qualified custody services, treasury management, and lending products, they have not provided a specific timeline for these developments. Shares of SoFi closed at $18.51 on the day of the announcement, reflecting a 3.7% gain in a broader market context.