SoFi partners Payward to connect banking and crypto
SoFi Technologies and Payward are joining forces to connect traditional banking with digital asset markets, aiming to extend money movement beyond standard banking hours. Payward, the company behind the Kraken exchange, announced it will join the SoFi Exchange Network (SEN) and list SoFiUSD on its platform. SoFi will also use Kraken Prime for digital asset trade execution. This partnership targets institutional clients seeking 24/7 access to U.S. dollar transactions.
By integrating with SEN, Payward unlocks new pathways for clients to clear and settle transactions around the clock. The move extends settlement beyond traditional banking hours, allowing users to manage liquidity on an always-on schedule. This approach addresses a gap in the current financial system, which often pauses when markets stay open.
SoFiUSD is a bank-issued stablecoin redeemable one-to-one for U.S. dollars. It is designed to combine the utility of blockchain technology with the safeguards of a regulated financial institution. Payward will list this stablecoin on Kraken, expanding access for retail, professional, and institutional users.
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How the liquidity works
SoFi members can buy and sell crypto directly inside the SoFi app. Kraken Prime will serve as an additional source of liquidity, enabling better pricing for these trades. SoFi launched Big Business Banking in April to bring enterprise banking and digital asset capabilities together in one offering. This partnership puts that model to work at scale.
SoFi’s CEO, Anthony Noto, described the move as a step toward a financial system where businesses can move money across networks without the delays of legacy infrastructure. Payward’s Co-CEO, David Ripley, noted that money and markets are converging and that the infrastructure underneath must catch up.
The arrangement connects Kraken, one of the world’s largest digital asset platforms, to the real-time settlement rails of SEN. Kraken institutional clients can now use these rails to move USD and manage liquidity across both networks at any hour. This creates a direct link between the traditional banking sector and the digital asset space.
