Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
SoFi TechnologiesandPayward, the parent company of crypto exchangeKraken, announced a partnership Thursday that connects SoFi’s banking and dollar settlement infrastructure to Kraken’s trading platform.
The deal has three pieces. Payward joinsSoFi Exchange Network, SoFi’s real-time settlement network, which lets Kraken’s institutional clients clear and settle US dollar transactions 24 hours a day, seven days a week rather than waiting for banking hours. Kraken will listSoFiUSD, SoFi’s bank-issued stablecoin, which is redeemable one-to-one for dollars. And SoFi will useKraken Prime, Payward’s prime brokerage, as an additional liquidity source for customer crypto trades, with qualified custody available as the relationship grows.
This story is an excerpt from the Unchained Daily newsletter.
‘;
}
// Check if event.data indicates form submission
}
});
“The financial system should not shut down when markets stay open,” saidAnthony Noto, CEO of SoFi, tying the deal to the company’s push to build always-on infrastructure on a national bank charter. For SoFi, the payoff is distribution and pricing. Payward co-CEODavid Ripleyargued that millions of people will make their first crypto purchase inside the app that already holds their paycheck. For Payward, it is access to bank rails it does not yet own outright.
SoFi booked$134.3 millionin crypto transaction revenue in the second quarter, up10%from the first, against$1.2 billionin adjusted net revenue. SoFi says15.8 millionmembers use the app, and its SoFi Tech Solutions arm serves more than134 millionglobal accounts. SoFi launchedBig Business Bankingin April to combine enterprise banking and digital-asset services, and the two companies said the relationship could later extend into payments, treasury and lending.
Paywardhas been assembling a regulated banking stack ahead of a long-delayed IPO. Itapplied to the OCCin May for a national trust charter, and its Wyoming-chartered bank,Kraken Financial, obtained a Federal Reserve master account in March.
Related Listen:Stripe Bid $53B for PayPal: Who Actually Wins Stablecoin Payments?
Source: unchainedcrypto.com