SoFi, Kraken Link Banking and Crypto Networks

SoFi launched the SoFi Exchange Network in April to give enterprise banking clients real-time dollar settlement around the clock, linking its banking and digital-asset operations. Payward, Kraken’s parent, has meanwhile expanded beyond crypto trading into custody, regulated services and financial infrastructure. The partnership matters because it connects a banking platform with one of the largest crypto marketplaces, narrowing the divide between bank-hour payments and markets that trade continuously.

SoFi Technologies and Payward announced the agreement on Sept. 3. Kraken will join the SoFi Exchange Network and list SoFiUSD, allowing institutional clients to move dollars and manage liquidity 24 hours a day, seven days a week across the two platforms. SoFi will also use Kraken Prime as an additional liquidity source for crypto trades in its app. SoFi reported $134.3 million in second-quarter crypto transaction revenue, up 10% sequentially, against $1.2 billion in adjusted net revenue.