SoFi and Kraken Join Forces to Power Crypto Trading in Banking App
The two companies established a strategic partnership bridging traditional finance and digital asset markets.
1Strategic Partnership Announced
SoFi Technologies and Payward, Kraken's parent company, announced a partnership that bridges traditional banking infrastructure with digital asset trading. This collaboration will enable SoFi to expand its crypto services while allowing Kraken to deepen relationships with traditional financial institutions. Financial terms of the deal were not disclosed.
224/7 Dollar Settlement Capability
Under the agreement, Payward will join SoFi Exchange Network (SEN), enabling eligible Kraken institutional clients to transfer and settle US dollars around the clock. SEN provides continuous settlement beyond traditional banking hours. This feature offers significant operational convenience for institutional investors in the crypto space.
3SoFiUSD Stablecoin Listing
Kraken will list SoFiUSD, a dollar-backed stablecoin issued by SoFi, making it available to its retail, professional, and institutional clients. Stablecoins play a crucial role in reducing volatility in cryptocurrency markets, providing a more stable store of value for traders and investors navigating the crypto ecosystem.
4Kraken Prime Integration
SoFi will utilize Kraken Prime as an additional source of digital asset liquidity. Kraken's institutional prime brokerage service will support execution for cryptocurrency trades made through the SoFi app. As the relationship develops, qualified custody services may be added, further enhancing the partnership's value proposition.
5SoFi's Crypto Comeback
After suspending direct cryptocurrency trading in December 2023, SoFi relaunched the service in November 2025, becoming the first nationally chartered US bank to offer customers direct buying, selling, and custody of Bitcoin and Ethereum. The company subsequently launched SoFiUSD in December 2025, expanding its digital asset offerings.
6Kraken's Traditional Finance Connections
This partnership provides Kraken with another link to traditional financial services. The crypto exchange has previously established institutional relationships with Deutsche Börse for forex and derivatives, Nasdaq for tokenized equities through xStocks, and Franklin Templeton for ETF tokenization. These collaborations strengthen Kraken's position in traditional finance.
7Service Expansion Potential
The companies indicated the partnership could eventually expand to include payments, financial management, lending, and other digital asset services. Such expansion could significantly grow both companies' customer bases and service offerings. The collaboration presents new opportunities for financial innovation at the intersection of traditional and digital finance.
8Transformation in Financial Sector
The SoFi-Kraken partnership reflects broader efforts by financial institutions and crypto companies to connect traditional banking infrastructure with digital asset markets. These integrations are shaping the future of financial services and accelerating the transition to a digital economy. This transformation is creating new opportunities for both investors and consumers in the evolving financial landscape.