TheBlock
Payward will join SoFi Exchange Network (SEN), list SoFiUSD on Kraken, and give SoFi access to Kraken Prime as an additional liquidity source for trades made in its app. SoFi and Payward agreed to connect SoFi's banking network to Kraken's trading infrastructure, extending SEN's real-time settlement to Kraken's institutional customers. Users on both platforms can move dollars and manage liquidity outside traditional banking hours. SoFi's crypto transaction revenue reached $134.3M in Q2, up 10% from Q1, although it remained a small part of $1.2B in adjusted net revenue.
Why it matters
Real-time settlement is moving from a back-office function into the trading stack. Extending SEN from SoFi's enterprise banking clients to Kraken's institutional base ties dollar movement and liquidity management to digital-asset trading beyond traditional banking hours. Payward Co-CEO David Ripley said, "Money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up."
Market impact
For SoFi, Kraken Prime adds a liquidity route for app-based trades and extends SEN into institutional crypto markets. For Payward, the deal fits its expansion beyond the Kraken exchange into infrastructure, custody and regulated services. Payward applied to the OCC in May for a national trust company charter to establish Payward National Trust Company. Its Wyoming-chartered Kraken Financial received a Federal Reserve master account in March, giving it direct access to the central bank's payment system.
Together, the agreement puts banking rails, SoFiUSD and institutional liquidity in one operating loop.
Frequently asked questions
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What will Payward do on SoFi Exchange Network?
Payward will join SEN and list SoFiUSD on Kraken. Under the agreement, SoFi will use Kraken Prime as an additional liquidity source for trades made through its app.
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How will the agreement change dollar access for Kraken customers?
Kraken's institutional customers will gain access to SoFi's real-time settlement network. Users on both platforms can move dollars and manage liquidity outside traditional banking hours.
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Why is Kraken Prime important to SoFi's app?
Kraken Prime gives SoFi an additional source of digital-asset liquidity for trades made through its app.
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How much revenue does SoFi's crypto business generate?
SoFi's crypto transaction revenue reached $134.3M in Q2, up 10% from Q1. It remained a small part of the company's $1.2B in adjusted net revenue.
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What regulatory steps has Payward taken around its financial infrastructure?
Payward applied to the OCC in May for a national trust company charter to establish Payward National Trust Company. Kraken Financial received a Federal Reserve master account in March, giving it direct access to the central bank's payment system.
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