Kraken, one of the largest digital asset exchanges in the United States, has entered into a partnership with SoFi, an American online bank and financial services company. The collaboration aims to integrate banking services, U.S. dollar settlement, stablecoin infrastructure, and crypto trading for both firms’ client bases.
SoFi Exchange Network to Support Kraken Operations
Payward, which operates Kraken, will join the SoFi Exchange Network (SEN), a platform developed by SoFi to facilitate instant U.S. dollar transfers and enable liquidity management for businesses at any time, including outside standard banking hours. This move allows Kraken’s institutional clients to access round-the-clock banking services for fund settlement and transfers, providing a key advantage in the continuously operating digital asset markets.
The SEN system caters to enterprise users by providing immediate banking rails between participants. This reduces reliance on traditional banking hours and enables faster transactions for digital asset firms.
Kraken will also list SoFiUSD, a stablecoin issued and backed by SoFi, across its trading network. This addition will make SoFiUSD available to retail, professional, and institutional traders on Kraken, broadening access to a regulated, dollar-backed digital token.
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AAPLPayward will benefit from unrestricted USD movement via the SoFi Exchange Network, while SoFiUSD’s listing on Kraken will create new stablecoin adoption opportunities for a diverse set of users.
At the same time, SoFi will utilize Kraken Prime—a division of Kraken providing advanced trading tools and liquidity—for the execution of crypto trades on behalf of its clients. This arrangement is designed to offer SoFi customers deeper market access when trading digital assets within the SoFi platform.
Mini dictionary: SoFi Exchange Network (SEN): A proprietary platform operated by SoFi, offering real-time, 24/7 U.S. dollar settlement and liquidity services to participating businesses, including fintechs and digital asset companies.
Expansion of Digital Asset Services
SoFi’s latest initiatives build on its recent launch of SoFiUSD and the reintroduction of crypto trading within its app. Through these products, SoFi seeks to strengthen its position as a key player bridging traditional finance and blockchain-based services in the consumer sector.
The bank has also expanded its business offerings, unveiling Big Business Banking in April. This service combines traditional commercial banking features with support for digital asset companies. SEN underpins this strategy by enabling real-time settlements beyond conventional banking schedules.
Kraken continues to enhance its institutional services under Kraken Prime, which provides advanced trading capabilities, liquidity solutions, and infrastructure to large-scale clients. By collaborating with SoFi, Kraken connects its digital asset expertise with a regulated banking platform, potentially unlocking new product offerings in future stages.
Both companies noted that this partnership could evolve further to include broader payments, treasury functions, lending solutions, and other digital asset services, reflecting ongoing integration between fintech and cryptocurrency platforms.
| Service | Provided by SoFi | Provided by Kraken |
|---|---|---|
| 24/7 USD Transfers | SEN Offers | Institutional Clients Gain Access |
| Stablecoin Listing | SoFiUSD Issued | SoFiUSD Listed |
| Crypto Liquidity for Trades | Uses Kraken Prime | Provides Liquidity |
The partnership’s initial phase centers on integrating banking access, stablecoin support, and digital asset liquidity, with the potential for broader financial services integration in the future.
