SoFi, Payward agree to link banking network with Kraken infrastructure

SoFi Technologies and Payward agreed to link SoFi's banking network with Kraken's trading infrastructure. The companies said the partnership enables institutional clients to settle U.S. dollar transactions 24 hours a day, seven days a week across both networks. Payward will join the SoFi Exchange Network, also known as SEN. Payward will list SoFiUSD on Kraken. SoFi will use Kraken Prime as an additional source of digital-asset liquidity for trades made through its app. The arrangement extends SoFi's real-time settlement network to Kraken's institutional customers. Users on both platforms can move dollars and manage liquidity outside traditional banking hours. SoFi launched SEN in April alongside its Big Business Banking offering. The offering brings SoFi's enterprise banking and digital-asset operations together. SoFi's crypto transaction revenue reached $134.3 million in the second quarter. That revenue increased 10% from the first quarter. Crypto transaction revenue remained a small part of SoFi's $1.2 billion in adjusted net revenue. Payward Co-CEO David Ripley said millions of people will buy their first crypto asset inside the app they already use for their paycheck. David Ripley said the infrastructure behind that experience should connect users to liquid markets built to operate at scale. Payward is broadening its business beyond the Kraken exchange into financial infrastructure, custody, and regulated services. Payward applied to the Office of the Comptroller of the Currency in May for a national trust company charter. The charter would establish Payward National Trust Company. Kraken Financial received a Federal Reserve master account in March. The account gives Kraken Financial direct access to the central bank's payment system.