SoFi and Kraken parent Payward are linking their banking and crypto infrastructure through a new partnership that will give Kraken customers access to SoFiUSD and its 24/7 dollar settlement network.
Under the agreement, SoFi will use Kraken Prime for crypto liquidity, while Payward will join SoFi’s Exchange Network and gain access to its business banking services. The deal brings banking and crypto trading infrastructure closer together as both companies expand their institutional businesses.
Crypto Trading Meets Banking
SoFi plans to send customer crypto orders through Kraken Prime, giving it access to pricing from several trading venues. The fintech company has 15.8 million members and already offers crypto trading.
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SoFi Bank introduced SoFiUSD in 2026 for payments and dollar settlements. The token is backed by cash and short-term US Treasurys. The partnership could eventually extend to qualified custody services, according to the companies.
Payward Expands Financial Reach
Payward Co-CEO David Ripley said the deal reflects the growing overlap between traditional finance and crypto. “Money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up,” he said.
Kraken Financial gained access to the Federal Reserve’s payment system in March, expanding Payward’s presence in the US banking system. The move comes as Payward considers a potential public listing, with reports putting an IPO no earlier than 2027.
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