SoFi Technologies and Payward agreed to link SoFi's banking network with Kraken's trading infrastructure in a deal that expands the fintech's real-time settlement system to the digital-asset platform.
Payward will join SoFi Exchange Network, or SEN, SoFi’s real-time settlement network, and list SoFiUSD on Kraken, the companies said in a statement shared with The Block on Thursday. As part of the deal, SoFi will use Kraken Prime as an additional source of digital-asset liquidity for trades made through its app.
The partnership extends SoFi's real-time settlement network, which is currently available to its enterprise banking clients, to institutional customers of Kraken. Under the arrangement, users on both platforms can move dollars and manage liquidity outside traditional banking hours.
"Money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up," Payward Co-CEO David Ripley said. "Millions of people will buy their first crypto asset 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."
SoFi launched the network in April alongside its Big Business Banking offering, which brings its enterprise banking and digital-asset operations together. Crypto transaction revenue reached $134.3 million in the second quarter, up 10% from the first quarter, although it remained a small part of SoFi’s $1.2 billion in adjusted net revenue.
