SoFi Technologies Inc. shares rose on Thursday after the firm announced a deal with Payward to connect its banking systems with Kraken's digital asset markets. Under the terms, Payward will become part of the SoFi Exchange Network and list SoFiUSD, the bank-issued stablecoin, on the Kraken platform. SoFi plans to use Kraken Prime, Payward's prime brokerage service, to provide extra digital asset liquidity for trades executed by SoFi members in its application.
Membership in the SoFi Exchange Network, a real-time settlement system, allows Kraken's institutional clients to clear and settle U.S. dollar transactions at any time. This capability extends settlement services beyond standard banking hours. Anthony Noto, chief executive officer of SoFi, stated that the company is creating financial infrastructure for an economy that operates continuously. He explained that the firm combines the backing of a nationally chartered bank with technology designed to move funds efficiently.
The collaboration extends SoFi's Big Business Banking product, which debuted in April to merge enterprise banking with digital asset features. Listing SoFiUSD on Kraken makes the stablecoin available to a broader group of retail, professional, and institutional users. Additionally, SoFi members may see improved pricing on cryptocurrency trades due to the liquidity provided through Kraken Prime.