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FollowingCore Highlights
Payward has reached a strategic cooperation with SoFi, Integrate banking and cryptocurrency trading systems
Kraken will launch SoFiUSD, a dollar-backed stablecoin
SoFi's digital asset liquidity routing will be processed through Kraken Prime
Institutional users in both ecosystems can enjoy round-the-clock dollar settlement services
This cooperation promotes Kraken's expansion into traditional financial services and prepares for its listing.
Detailed explanation of the partnership between the two parties
Payward, the parent company of cryptocurrency exchange Kraken, has entered into a strategic partnership with financial technology company SoFi, aiming to integrate SoFi's instant banking infrastructure with Kraken's digital asset trading capabilities. The cooperation will be officially announced on September 3, 2026.
We are very excited to join hands with @SoFi to bring the banking market closer to the crypto market.
Through this cooperation:
→ Payward joins the SoFi Exchange Network
→ SoFiUSD will be available soon at @KrakenFX
→ SoFi will route members 'encrypted orders through @KrakenPrimeHQ
One layer of infrastructure, with unlimited possibilities.
Under the agreement, Payward will become a member of the SoFi Exchange Network (SEN), which operates as SoFi's instant dollar settlement infrastructure. In addition, Kraken will provide trading access to SoFiUSD. SoFiUSD is a stablecoin issued by SoFi Bank and pegged to the U.S. dollar. It will be launched in 2026 and is mainly used for payment and settlement functions. Its support funds come from cash holdings and short-term U.S. Treasury bonds.
Benefits for both parties
With Kraken Prime, SoFi will leverage sophisticated order routing capabilities to perform digital asset transactions. This arrangement allows SoFi to gain liquidity access across multiple trading platforms rather than relying on a single market. In return, Payward gained access to SoFi's continuous dollar settlement infrastructure and corporate banking services. According to the two agencies, as the relationship deepens, qualified hosting solutions may be included.
SoFi, which currently has 15.8 million users, already provides cryptocurrency trading capabilities in its mobile app. In the second quarter of 2026, its cryptocurrency-related transaction revenue reached US$134.3 million, a 10% increase from the first quarter.
Corporate and institutional users operating on these two platforms will be able to break through traditional bank business hours to transfer U.S. dollars and process liquidity. David Ripley, co-CEO of Payward, said: "Millions of people will buy their first crypto assets in the same app they use to receive paychecks."
Payward's broader traditional financial strategy
The partnership is part of Payward's comprehensive strategy to expand its business beyond cryptocurrency trading. Reports emerged earlier this week that the London Stock Exchange Group had reached an agreement with Payward to provide tokenized British shares through a new trading platform called LSE24. The platform is scheduled to be launched in 2027 and operates five days a week, 24 hours a day.
Last month, Kraken launched continuous access to the S & P 500 through its capital-invested trading product. Future plans also include increasing commodity trading. In addition, Kraken developed its tokenized securities platform xStocks after acquiring Backed Finance in early 2026. The platform has led to the launch of initial public offering (IPO-related exposure products, including SpaceX and Jersey Mike's.
From a regulatory perspective, Payward submitted an application to the Office of the Comptroller of the Currency (OCC) in May this year, seeking approval of the National Trust Company license. Meanwhile, its Wyoming licensed banking entity Kraken Financial obtained primary account status from the Federal Reserve in March this year.
In November 2025, Payward secretly submitted a draft IPO registration with the U.S. Securities and Exchange Commission (SEC). Current reports indicate that the public listing has been postponed until at least the second quarter of 2027.
