Payward, the parent company of the cryptocurrency exchange Kraken, and financial technology firm SoFi Technologies announced an agreement on Thursday to route SoFi customer cryptocurrency orders through Kraken’s institutional trading platform while also listing SoFi’s stablecoin on the exchange.
Based on the terms of the deal, SoFi will direct its digital asset order flow to Kraken Prime, the prime brokerage division of Kraken that debuted in 2025.
Instead of processing trades against a single order book, Kraken Prime utilizes smart order routing to evaluate pricing and market depth across various venues, executing trades where the execution is most favorable. SoFi indicated that users will experience no alterations to the application interface.
Additionally, Payward is entering the SoFi Exchange Network, which functions as the bank’s real-time settlement platform, and will introduce SoFiUSD—SoFi’s bank-issued stablecoin—to Kraken.
In return, institutional and corporate clients utilizing Kraken Prime will obtain access to SoFi’s corporate banking offerings alongside 24/7 fiat settlement capabilities. Both organizations noted that qualified custody services are scheduled to be implemented at a later date.
SoFi maintains a national bank charter alongside a membership base totaling 15.8 million. This collaboration represents the most recent partnership uniting Kraken with traditional financial institutions, following previous agreements with Deutsche Börse regarding foreign exchange and derivatives infrastructure, Nasdaq concerning a tokenized equities gateway, and Franklin Templeton involving the tokenization of exchange-traded funds.
This announcement follows SoFi’s milestone last year as a strictly digital lender when it became the initial nationally chartered bank in the United States to introduce cryptocurrency features for retail consumers.
The newly introduced SoFi crypto platform enables members to purchase, sell, and store bitcoin directly within their banking accounts.
Similar to other digital asset platforms, Kraken is expanding into traditional finance by enabling users to buy and sell equities, fixed income securities, and other financial instruments, while marketing its application as a comprehensive primary financial account.
What is the partnership between Kraken and SoFi?
Payward (Kraken’s parent company) and SoFi Technologies agreed to route SoFi crypto orders through Kraken Prime and list SoFi’s stablecoin, SoFiUSD, on Kraken.
What is Kraken Prime?
Kraken Prime is Kraken’s prime brokerage arm launched in 2025 that uses smart order routing to find the best prices and execution across multiple venues.
What is SoFiUSD?
SoFiUSD is a bank-issued stablecoin created by SoFi that will be listed on the Kraken exchange.
How many members does SoFi have?
SoFi holds a national bank charter and has 15.8 million members.
