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Digital bank SoFi (SOFI) and Kraken are plugging into each other’s financial plumbing with a deal that gives the crypto exchange access to SoFi’s banking and dollar settlement rails while bringing Kraken’s trading infrastructure to SoFi’s customers.
Payward, Kraken’s parent company, will join the SoFi Exchange Network, dubbed SEN, allowing Kraken’s institutional clients to move U.S. dollars and manage liquidity around the clock instead of waiting for traditional banking hours, according to a Thursday press release shared with CoinDesk.
Kraken also lists SoFiUSD, SoFi’s bank-issued stablecoin, while SoFi will use Kraken Prime as an additional
“The financial system should not shut down when markets stay open,” SoFi CEO Anthony Noto said, pointing to the company’s goal of allowing businesses to move money across networks without the delays of traditional banking infrastructure.
The tie-up fits a broader race to build financial one-stop shops. Crypto exchanges are expanding beyond token trading into stocks, derivatives and payments, while fintechs and traditional financial firms are coming from the other direction, adding crypto, stablecoins and blockchain-based settlement.
“Millions of people will buy their first cryptoasset inside the app they already use for their paycheck, and the infrastructure behind that experience should connect them to deep, liquid markets built to operate at scale,” Payward co-CEO David Ripley said.
SoFi’s crypto push
The agreement builds on a broader push back into digital assets for SoFi. The fintech added crypto trading to its app and launched SoFiUSD, its own dollar-backed stablecoin, giving it both a consumer-facing crypto business and blockchain-based payment infrastructure.
SoFi has also been building out the banking side of that strategy. It debuted Big Business Banking in April, bringing enterprise banking and digital-asset services under one roof, while SEN gives businesses an always-on rail for moving dollars. The Payward agreement connects that infrastructure to one of crypto’s largest trading platforms.
Kraken brings the other side of the equation. Its Prime business will become anotherhputs the stablecoin in front of Kraken’s retail, professional and institutional customers
The companies said the relationship could eventually expand into payments, treasury, lending and other digital-asset services.
Source: cryptonews.net