SoFi, Kraken tie up as crypto and banking push into each other's turf
SoFi and Kraken have entered a strategic partnership to integrate SoFi's banking infrastructure with Kraken's crypto exchange services. The deal allows Kraken's institutional clients to utilize the SoFi Exchange Network for 24/7 liquidity management while enabling SoFi to leverage Kraken Prime for crypto trade execution and list its SoFiUSD stablecoin on the exchange.
Why it matters
This partnership highlights the accelerating convergence of traditional banking and digital asset markets, as firms race to build 'one-stop shop' financial platforms that operate outside of traditional banking hours.
Payward, Kraken's parent company, will join the SoFi Exchange Network, dubbed SEN, allowing Kraken's institutional clients to move U.S. dollars and manage liquidity around the clock instead of waiting for traditional banking hours, according to a Thursday press release shared with CoinDesk.
Kraken also lists SoFiUSD, SoFi's bank-issued stablecoin, while SoFi will use Kraken Prime as an additional source of liquidity for crypto trades made by its customers.
"The financial system should not shut down when markets stay open," SoFi CEO Anthony Noto said, pointing to the company's goal of allowing businesses to move money across networks without the delays of traditional banking infrastructure.
The tie-up fits a broader race to build financial one-stop shops. Crypto exchanges are expanding beyond token trading into stocks, derivatives and payments , while fintechs and traditional financial firms are coming from the other direction, adding crypto, stablecoins and blockchain-based settlement.
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