SoFi Connects Banking Network and Stablecoin to Kraken
SoFi Technologies has partnered with Payward (parent company of Kraken) to integrate its banking network, the SoFi Exchange Network (SEN), into Kraken's operations. This will allow institutional clients on Kraken access to real-time U.S. dollar settlements through SEN outside traditional banking hours. Additionally, Kraken will list SoFi’s stablecoin, SoFiUSD, for use by retail and professional customers. The partnership also includes using Kraken Prime as a liquidity source for crypto trades within the SoFi app, potentially improving trade pricing for users. The deal marks another step in Payward's strategy to expand its regulated financial infrastructure following recent developments like access to Federal Reserve payment systems and partnerships with Nasdaq.
Tickers: $SOFI
Topics: banking infrastructure cryptocurrency partnerships stablecoins