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SoFi and Kraken Form Strategic Partnership to Integrate Banking and Crypto Services
SoFi Technologies and Payward, the parent company of cryptocurrency exchange Kraken, announced a strategic partnership on September 3, aimed at merging traditional banking services with digital asset trading. This collaboration allows SoFi to enhance its cryptocurrency distribution while providing Kraken with essential banking infrastructure.
The partnership includes two main components. First, Payward will join SoFi’s Exchange Network (SEN), enabling Kraken and its institutional clients to access 24/7 real-time USD settlements, a critical feature for the always-open crypto market. Second, SoFi's bank-issued stablecoin, SoFiUSD, will be listed on Kraken, making it available to both retail and institutional users. SoFiUSD is unique as it is backed by a nationally chartered US bank, distinguishing it from many other stablecoins in the market.
This partnership comes after SoFi's previous hiatus from direct crypto trading, which lasted nearly two years due to regulatory scrutiny. The company resumed crypto trading in November 2025, becoming the first US nationally chartered bank to allow customers to buy, sell, and hold cryptocurrencies directly. The introduction of SoFiUSD in December 2025 further solidified its position in the crypto space, as it aims to compete with established stablecoins like Tether's USDT and Circle's USDC.
While the financial terms of the partnership remain undisclosed, the collaboration is expected to enhance SoFi's presence in the crypto trading market and provide Kraken with the banking-grade settlement infrastructure it requires. This move reflects a broader trend of convergence between traditional finance and digital assets, as both companies seek to leverage each other's strengths.
Source: KLEA News