SoFi Technologies and Payward, the parent company of cryptocurrency exchange Kraken, announced a strategic partnership on Thursday that connects traditional banking infrastructure with digital asset markets. The agreement gives Kraken institutional clients access to continuous U.S. dollar settlement while expanding SoFi’s crypto trading capabilities through Kraken’s prime brokerage services.

Under the deal, Payward will join the SoFi Exchange Network, known as SEN. The network provides real-time U.S. dollar transfers and liquidity management that operate outside conventional banking hours. Kraken’s institutional clients will be able to move dollars and manage liquidity around the clock, addressing a long-standing friction for firms active in continuously operating crypto markets.

Round-the-Clock Settlement and Stablecoin Access

SEN is designed for enterprise participants, including fintechs and digital asset companies, that need immediate banking rails between network members. By connecting to the network, Payward and Kraken reduce dependence on traditional banking schedules for fund settlement and transfers.

In parallel, Kraken will list SoFiUSD, the dollar-backed stablecoin issued by SoFi. The token, redeemable one-to-one for U.S. dollars, will become available to retail, professional and institutional traders on the exchange. SoFiUSD is positioned as a regulated stablecoin that combines blockchain settlement features with safeguards associated with a chartered banking institution.

SoFi will route customer crypto trades through Kraken Prime, Payward’s institutional brokerage platform. The arrangement supplies SoFi with additional liquidity and execution capabilities for digital asset orders placed inside its consumer app. Kraken Prime uses smart order routing to source prices and depth across multiple venues.

Broader Context of Banking and Crypto Convergence

The partnership builds on recent moves by both companies. SoFi reintroduced crypto trading in its app, launched SoFiUSD, and introduced Big Business Banking earlier this year to combine commercial banking with digital asset support. SEN underpins the business banking offering by enabling settlements beyond standard bank hours.

Kraken continues to expand its institutional services under the Kraken Prime brand, which provides trading tools, liquidity and infrastructure to larger clients. Linking that platform with a regulated banking network creates new pathways for clients that operate across both traditional and digital asset markets.

Both firms indicated the collaboration could grow beyond the initial scope. Possible future areas include payments, treasury services, lending and additional digital asset products. The arrangement sits within a wider industry pattern in which crypto platforms add banking and payments features while fintechs and banks incorporate stablecoins, blockchain settlement and crypto trading.

SoFi, often described as an everything app for digital financial services, gains deeper market access for its members’ crypto activity. Kraken and Payward gain a regulated banking partner capable of settling fiat in real time. The combination is intended to support clients that require continuous money movement alongside liquid digital asset markets.