SoFi, Payward link banking settlement network with Kraken infrastructure

Traders Union
All News
Crypto
SoFi, Payward, Kraken network

Highlights

SoFi Technologies and Payward announce Payward's joining of the SoFi Exchange Network, with Kraken listing SoFiUSD and SoFi using Kraken Prime for digital-asset liquidity.
SoFi's real-time settlement system, previously for enterprise banking clients, will now serve institutional customers of Kraken, expanding access to settlement and trading.
SoFi's crypto transaction revenue reached $134.3 million in Q2 2024, up 10% from Q1, while Payward expands into regulated infrastructure and custody services.

Partnership expands settlement and trading access

As reported by The Block, SoFi Technologies and Payward say Payward will join SoFi Exchange Network, or SEN, and Kraken will list SoFiUSD under the agreement announced on Thursday.

SoFi will also use Kraken Prime as an additional source of digital-asset liquidity for trades made through its app. The arrangement extends SoFi's real-time settlement system, previously available to its enterprise banking clients, to institutional customers of Kraken.

Payward Co-CEO David Ripley says money and markets are converging and that the supporting infrastructure needs to adapt. He says the partnership is meant to connect consumer-facing financial apps with deeper digital-asset markets operating at scale.

Broader push into regulated financial infrastructure

SoFi launched the network in April alongside its Big Business Banking offering, which combines its enterprise banking and digital-asset operations. The company says crypto transaction revenue reaches $134.3 million in the second quarter, up 10% from the first quarter, though it remains a small share of SoFi's $1.2 billion in adjusted net revenue.

The deal also fits Payward's broader expansion beyond the Kraken exchange into infrastructure, custody and regulated services. In May, the company applied to the Office of the Comptroller of the Currency for a national trust company charter to establish Payward National Trust Company, and its Wyoming-chartered bank, Kraken Financial, received a Federal Reserve master account in March.

Our earlier article covered Hargreaves Lansdown opening access to bitcoin and ether ETNs for UK retail clients after regulators lifted the ban, marking a notable step in bringing crypto-linked products onto mainstream investment platforms. It also highlighted the safeguards imposed, including appropriateness testing and a cooling-off period, while noting that broader uptake remains constrained by eligibility rules and ongoing investor-education needs.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.