SoFi and Kraken Parent Payward Link Banking and Crypto Infrastructure in New Deal
SoFi Technologies and Payward, the parent company of Kraken, have agreed to connect SoFi’s banking settlement network with Kraken’s digital-asset infrastructure, according to The Block.
Under the deal, Kraken will list SoFiUSD, SoFi’s stablecoin, and gain access to SoFi’s round-the-clock dollar settlement network, according to Decrypt. In turn, SoFi will get access to digital asset liquidity through Kraken Prime, which will execute trades for SoFi’s crypto customers, according to Decrypt and Cointelegraph.
Cointelegraph reports the arrangement ties Payward into SoFi’s 24/7 settlement rails while giving SoFi a route into Kraken’s institutional trading arm. CoinDesk frames the tie-up as crypto and traditional banking players each moving onto the other’s turf, with SoFi extending further into digital assets and Kraken deepening its ties to conventional banking infrastructure.
Sources: CoinDesk, The Block, Decrypt, Cointelegraph
This article is for information only and is not financial advice.
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