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SoFi and Payward link banking network with Kraken to expand 24/7 settlement
The deal would let users settle U.S. dollar transactions across the platforms outside traditional banking hours, while SoFi also routes trades through Kraken Prime for added digital asset liquidity.
SoFi Technologies agreed to connect its real-time dollar settlement network with Payward’s Kraken digital asset infrastructure, extending the service to institutional customers, according to The Block. The partnership also includes Payward listing SoFiUSD on Kraken and joining SoFi Exchange Network, or SEN.
Under the arrangement described by The Block, SoFi will use Kraken Prime as an additional source of digital asset liquidity for trades made through its app. The companies said dollar transactions can be settled across the two networks 24 hours a day, seven days a week.
The Block also said the SEN network, which launched in April with SoFi’s Big Business Banking offering, is currently available to SoFi’s enterprise banking clients. With Payward joining, the network will be accessible to institutional customers of Kraken to move dollars and manage liquidity beyond traditional banking hours.
Separately, Decrypt characterized the same agreement as a new setup that links SoFi’s banking network and stablecoin with Kraken, with Kraken handling the SoFiUSD listing and Kraken Prime supporting trade execution for SoFi’s crypto customers.