Payward, the parent company of Kraken, and SoFi Technologies have announced a strategic partnership. The aim of this collaboration is to strengthen connections between traditional banking, payments, and digital asset markets. Under the agreement, Kraken Prime will serve as an execution venue for SoFi’s cryptocurrency trading services.

SoFi Crypto Orders to Use Kraken Prime Liquidity

SoFi members buying or selling digital assets through the SoFi app will have their orders routed through Kraken Prime’s smart order routing system. Kraken Prime’s smart order routing technology evaluates pricing and available liquidity across multiple trading venues in real time. The system is designed to identify competitive execution opportunities. Then, it potentially provides better fills compared with relying on a single order book.

The partnership will allow SoFi to leverage Kraken Prime’s institutional trading infrastructure while continuing to offer crypto trading directly through its own application. The collaboration comes as financial platforms increasingly seek to combine traditional financial services with cryptocurrency trading.

Kraken Clients Gain Access to SoFi Settlement Network

As part of the agreement, Payward will join the SoFi Exchange Network (SEN). The integration will give Kraken Prime’s institutional and business clients access to SEN’s real-time settlement infrastructure. Eligible Kraken clients will be able to move U.S. dollars around the clock, including outside traditional banking hours. The capability could improve liquidity management and reduce settlement delays for institutional clients.

Kraken Prime clients will also gain access to SoFi’s Big Business Banking services, further expanding the banking infrastructure available to institutional and business customers.

SoFiUSD to Launch on Kraken

The partnership will also expand the availability of SoFi’s bank-issued stablecoin, SoFiUSD. The stablecoin is redeemable on a one-to-one basis for U.S. dollars. Additionally, $SoFiUSD expected to be listed on Kraken’s multi-asset trading platform. It will be accessible to eligible retail, professional, and institutional users through Kraken. The companies also expect to introduce qualified custody capabilities as their partnership develops.

Kraken Prime said the partnership is intended to help connect banking and cryptocurrency markets while creating more integrated financial infrastructure.

The collaboration brings together SoFi’s banking, payments, and financial services capabilities with Kraken’s cryptocurrency trading infrastructure. By combining settlement, banking, and stablecoin services, the companies aim to reduce friction between traditional financial markets and the digital asset ecosystem.