Kraken and SoFi Link Crypto Trading To Banking Rails

According to Bitcoin Magazine, Payward, the parent company of Kraken, and fintech firm SoFi Technologies announced a partnership to route SoFi customer crypto orders through Kraken Prime, Kraken's institutional trading platform. Under the agreement, SoFi will send its digital asset order flow to Kraken Prime, which utilizes smart order routing to execute trades across multiple venues. SoFi customers will experience no changes to their app.

Additionally, Payward is joining the SoFi Exchange Network, SoFi's real-time settlement system, and will list SoFi's bank-issued stablecoin, SoFiUSD, on Kraken. In return, Kraken Prime institutional and business clients will access SoFi business banking services and round-the-clock fiat settlement, with qualified custody services planned for later. SoFi holds a national bank charter and has 15.8 million members.

Bitcoin Magazine notes this partnership follows other collaborations between Kraken and traditional financial institutions, such as Deutsche Börse, Nasdaq, and Franklin Templeton. SoFi previously launched crypto services for retail customers last year, allowing members to buy, sell, and hold bitcoin directly within their bank accounts.