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FollowingKraken's parent company Payward connects to SoFi's real-time settlement network and launches its bank-issued stablecoin
On September 3, Payward, the parent company of the Kraken Exchange, and SoFi jointly announced that the two parties have reached a cooperation. Payward will access SoFi's real-time settlement track and launch the bank-issued stablecoin SoFiUSD on its exchange. This cooperation allows institutional customers on the two platforms to transfer US dollars at any time.
Payward joins SoFi's 24/7 settlement network
As the infrastructure company behind the Kraken Exchange, Payward officially joins the SoFi Exchange Network. The network is a round-the-clock settlement system that was launched in April this year. SoFi also uses Payward's Prime brokerage service Kraken Prime to route in-app cryptocurrency transactions to the platform for deep liquidity.
At the same time, Kraken will launch SoFiUSD, a stablecoin that can be exchanged for U.S. dollars at a 1:1 ratio, and will be open to retail, professional and institutional users on the platform. The two sides issued a joint statement on September 3. The transaction allows institutional traders to use settlement services previously only available to SoFi corporate banking customers. Kraken customers can now settle and hold U.S. dollars at any time on both networks.
SoFi's crypto revenue reaches US$134.3 million in the second quarter
Traditional bank settlement systems stop running at night and on weekends, but cryptocurrency trading is never interrupted. "While financial markets remain open, the financial system should not be closed," SoFi CEO Anthony Noto said in a statement. David Ripley, co-CEO of Payward, pointed out: "Capital and markets are integrating, forming a new financial paradigm."
Kraken Prime supports intra-SoFi apps for buying and selling, and SoFi said that supplementing liquidity will help improve pricing accuracy in users 'existing transactions. SoFi's second-quarter cryptocurrency trading revenue was US$134.3 million, a month-on-month increase of 10%, and adjusted total revenue was US$1.2 billion.
SoFiUSD is part of SoFi's "Big Business Banking" service launched in April this year. The service is a one-stop platform for fiat and cryptocurrencies. It was initially launched on Solana and plans to expand to other public chains. In March of this year, Payward's Wyoming registered affiliate, Kraken Financial, obtained the Federal Reserve's main account, allowing direct access to the Federal Reserve's payment system without the need for intermediary cooperative banks. In May, the company submitted a National Trust Bank license application with the Office of the Comptroller of the Currency (OCC) in the name of Payward National Trust Company.
According to Google Financial data, SoFi Technologies Inc. (Nasdaq: SOFI) recently closed at $18.51 on Thursday, with strong trading volume, up 3.76%.
