SoFi and Kraken Team Up to Link Banking with Crypto Trading

SoFi connects its banking network to crypto exchange Kraken and adds its stablecoin, aiming for round-the-clock dollar settlements.

Two big financial companies just joined forces to make moving money and trading crypto easier and faster.

SoFi Technologies (a digital bank and finance app) and Payward (the parent company of Kraken, a popular cryptocurrency exchange where people buy and sell digital coins) announced a new partnership on Thursday.

Here's what the deal actually does:

Kraken joins the SoFi Exchange Network (SEN) — a system that lets big clients move and settle U.S. dollars at any time, even outside normal banking hours. "Settle" simply means completing a payment so the money officially changes hands.
SoFi will use Kraken Prime for crypto trades. Kraken Prime is a "prime broker" — a service that helps big institutions execute trades and safely store their assets. This could mean better prices for SoFi customers who buy crypto in the app.
Kraken will list SoFiUSD, SoFi's own stablecoin (a cryptocurrency designed to always equal one U.S. dollar, so it doesn't swing up and down like Bitcoin). It will be available to everyday users, professionals, and large institutions.

Why does this matter? The traditional banking system usually closes on nights and weekends, but crypto markets never stop. This partnership aims to keep money flowing 24/7.

"The financial system should not shut down when markets stay open," SoFi CEO Anthony Noto said.

Some background on both companies:

Kraken's parent, Payward, began considering going public (selling shares to everyday investors on the stock market) back in March 2025, after U.S. regulators dropped a lawsuit against the exchange.
SoFi returned to crypto in June 2025, two years after shutting down its earlier crypto service. It has been rolling out trading for up to 30 different crypto assets.

In short: This deal blends old-school banking with modern crypto, promising faster settlements, better trading prices, and around-the-clock money movement for both regular and professional users.

This is an AI-generated summary. Read the original article at: https://decrypt.co/377283/sofi-banking-network-stablecoin-kraken