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FollowingSoFi Technologies and Kraken's parent company Payward reach a strategic cooperation
On September 3, SoFi Technologies and Kraken's parent company Payward announced a strategic partnership aimed at opening up banking services, payment systems and digital asset markets. According to an announcement issued by Kraken, under the framework of the agreement, Kraken will launch SoFiUSD, a stablecoin issued by SoFi, a bank with a national license; at the same time, SoFi will route its digital asset trading order flow through the Kraken Prime platform to execute transactions.
Cooperative Operation Mechanism
announcement states that Payward has connected to the real-time settlement network of SoFi Exchange Network (SEN). In addition, Kraken Prime's institutional and corporate customers will gain access to SoFi's large corporate banking and the SEN settlement network, giving them a regulated banking partner capable of real-time fiat settlement 24 hours a day. As the relationship between the two parties deepens, it is expected that qualified custody capabilities will also be provided.
SoFi has 15.8 million members, and its application currently allows users to buy and sell cryptocurrencies. By routing order flows to Kraken Prime, these transactions can now enter a deeper liquidity pool rather than relying solely on a single order book for matchmaking. Given that SoFi is a nationally licensed bank, the partnership combines regulated banking with Kraken's institutional-level transaction technology stack.
Kraken Prime's execution mode
Launched in 2025, Kraken Prime uses an intelligent order routing system that can read price and depth information from each supported trading venue in real time and send each order to the best transaction location. For SoFi, this means establishing an execution layer with multiple trading venues, replacing a single exchange account. Kraken said this will bring better transaction prices to traders without changing the way the application itself operates.
Broader industry trends
SoFi's transaction case continues Kraken's pace in expanding institutional relationships in recent years. Previously, Kraken has partnered with Deutsche Borse on foreign exchange and derivatives infrastructure, partnered with Nasdaq to launch the tokenized equity gateway, and partnered with Franklin Templeton to develop tokenized ETFs. Including previous agreements between Payward and the London Stock Exchange, each cooperation represents a different entry point into the same convergence area: digital asset infrastructure is increasingly becoming the supporting force behind traditional financial products.
In addition, the cooperation also conforms to the trend of established banks expanding their stablecoin business, including a group of 21 financial institutions that is committed to launching enterprise-level products of U.S. dollar stablecoin. While it is unclear whether routing SoFi retail traffic through Kraken Prime will essentially deepen crypto activity at the institutional level, the move does provide banks with a direct bridge to deeper digital asset liquidity.
