SoFi Partners with Kraken to Interconnect Financial Infrastructure
Digital bank SoFi has partnered with cryptocurrency exchange Kraken to interconnect their respective financial infrastructures. Kraken's parent company, Payward, will join SoFi's settlement network, SEN, allowing its institutional clients to transfer USD and manage liquidity around the clock without waiting for traditional bank operating hours. Kraken will list SoFi's issued bank stablecoin, SoFiUSD, while SoFi will use Kraken Prime as an additional source of liquidity for its clients' crypto trading. SoFi CEO Anthony Noto stated that the financial system should not close while the financial markets remain open; Payward co-CEO David Ripley noted that millions of users will purchase crypto assets for the first time through applications they use daily, emphasizing that infrastructure should connect deep, liquid markets. This partnership is part of SoFi's return to the digital asset space, as SoFi has already offered crypto trading in its app and launched the USD-backed stablecoin SoFiUSD. Additionally, it introduced Big Business Banking in April this year, integrating corporate banking with digital asset services. Both parties indicated that future collaborations could expand into payments, fund management, lending, and other digital asset services.
-- Price
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