Online bank SoFi and Kraken are linking their financial networks together through an arrangement that grants the cryptocurrency exchange entry into SoFi’s banking and dollar settlement channels while integrating Kraken’s trading framework for SoFi users.
Payward, the parent organization of Kraken, will integrate into the SoFi Exchange Network, known as SEN, enabling institutional users on Kraken to transfer U.S. dollars and manage their liquidity 24/7 rather than depending on standard banking hours, as stated in a Thursday press announcement provided to CoinDesk.
Furthermore, Kraken features SoFiUSD, the bank’s proprietary stablecoin, whereas SoFi will leverage Kraken Prime as an additional liquidity channel for digital asset transactions executed by its clientele.
“The financial system should not shut down when markets stay open,” noted SoFi CEO Anthony Noto, highlighting the objective to allow enterprises to transfer capital across networks completely free from the bottlenecks of legacy banking infrastructure.
This alliance reflects a wider trend toward constructing all-in-one financial hubs. Digital asset exchanges are expanding beyond token trading into stocks, derivatives and payments, while fintech corporations and mainstream financial institutions are advancing from the opposite direction, incorporating cryptocurrency, stablecoins, and blockchain-powered clearing systems.
“Millions of people will buy their first cryptoasset inside the app they already use for their paycheck, and the infrastructure behind that experience should connect them to deep, liquid markets built to operate at scale,” stated Payward co-CEO David Ripley.
SoFi’s crypto push
This partnership expands upon SoFi’s broader re-entry into the digital asset sector. The financial technology company previously integrated cryptocurrency trading into its mobile application and released SoFiUSD, its own dollar-pegged stablecoin, thereby establishing both a retail crypto division and blockchain settlement rails.
Additionally, SoFi has been developing the banking infrastructure to support this initiative. It launched Big Business Banking this past April, combining corporate banking and digital asset services into a unified platform, while SEN provides enterprises with a continuous pathway for moving currency. The pact with Payward successfully connects this architecture directly to one of the premier digital asset trading platforms in the industry.
Conversely, Kraken supplies the remaining component of the framework. Its Prime division will function as a supplementary liquidity provider for SoFi, potentially assisting the fintech platform in securing competitive pricing for orders placed within its application. The inclusion of SoFiUSD on Kraken similarly exposes the stablecoin to retail, professional, and institutional participants alike.
Both entities mentioned that this collaboration could eventually scale up to incorporate payments, treasury management, lending operations, and supplementary digital asset solutions.
Originally published at https://www.coindesk.com/business/2026/09/03/sofi-kraken-tie-up-as-crypto-and-banking-push-into-each-other-s-turf.
