Key Highlights
- Kraken’s parent company Payward has forged an alliance with SoFi to integrate banking and crypto trading systems
- The partnership will see SoFiUSD stablecoin added to Kraken’s trading platform
- SoFi plans to leverage Kraken Prime for routing digital asset transactions
- Enterprise customers across both ecosystems gain access to continuous US dollar settlement
- This collaboration represents another step in Kraken’s expansion into mainstream financial services before its anticipated public offering
Payward, the entity behind cryptocurrency exchange Kraken, has established a strategic alliance with financial technology company [[LINK_START_0]]SoFi[[LINK_END_0]] to merge SoFi’s instant banking infrastructure with Kraken’s digital asset trading capabilities. The companies revealed this collaboration on September 3, 2026.
The arrangement involves Payward becoming part of the SoFi Exchange Network (SEN), which functions as SoFi’s instantaneous dollar settlement platform. Additionally, SoFiUSD, a stablecoin pegged to the US dollar and issued by SoFi Bank, will become available for trading on Kraken.
Introduced in 2026, SoFiUSD serves payment and settlement functions with backing consisting of cash holdings and short-duration United States Treasury securities.
Benefits for Both Organizations
Through this partnership, SoFi will direct its digital asset transactions via Kraken Prime, which employs intelligent order routing capabilities. This arrangement provides SoFi with access to liquidity pools spanning numerous trading platforms instead of relying on a single marketplace.
For Payward, the deal opens doors to SoFi’s round-the-clock dollar settlement infrastructure and corporate banking solutions. The partners indicated that authorized custody offerings might be incorporated as their relationship develops.
With a user base of 15.8 million members, SoFi currently provides cryptocurrency trading functionality within its mobile application. During the second quarter of 2026, the company generated $134.3 million in crypto transaction revenue, representing a 10% increase compared to the previous quarter.
Business clients utilizing either platform will have the capability to transfer dollars and manage liquidity beyond conventional banking schedules.
“Countless individuals will purchase their initial crypto holding within the application they currently rely on for receiving their salary,” stated Payward Co-CEO David Ripley.
Payward’s Broader Integration with Traditional Financial Markets
This agreement aligns with Payward’s ongoing strategy to extend its reach beyond cryptocurrency exchanges.
Just days ago, reports emerged that London Stock Exchange Group had formed a partnership with Payward to provide tokenized British stocks via a novel trading platform called LSE 24, which will operate 24 hours daily, five days weekly, with a projected 2027 launch.
Last month, Kraken introduced continuous access to S&P 500 index exposure through its funded trading initiative. Plans call for commodity offerings to be added subsequently.
Kraken has also expanded its tokenized stock platform, xStocks, following its purchase of Backed Finance in early 2026. This platform has facilitated access to investments linked to the SpaceX and Jersey Mike’s initial public offerings.
From a regulatory standpoint, Payward submitted an application to the Office of the Comptroller of the Currency seeking a national trust company charter in May. Meanwhile, Kraken Financial, its Wyoming-chartered banking entity, obtained a Federal Reserve master account in March.
In November 2025, Payward privately filed an IPO draft registration with the SEC. Current reports indicate the public listing has been delayed until at least the second quarter of 2027.
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