SoFi and Kraken Partner to Merge Banking and Crypto Infrastructure

Digital bank SoFi and crypto exchange Kraken have entered into a partnership designed to connect their financial infrastructure, giving each company access to the other’s core strengths. Kraken’s parent company, Payward, will join SoFi’s dollar settlement network, enabling institutional clients to move funds and manage liquidity around the clock rather than being limited by traditional banking hours.

As part of the agreement, Kraken will list SoFi’s bank issued stablecoin, while SoFi will use Kraken’s institutional liquidity platform to help support crypto trades made by its own customers. SoFi’s CEO emphasized the goal of building financial infrastructure that keeps pace with markets that never fully close.

Part of a Broader Industry Shift

This partnership reflects a wider trend of crypto exchanges and traditional financial companies moving into each other’s territory. While crypto platforms increasingly expand into stocks, derivatives and payment services, fintech companies like SoFi are pushing further into crypto trading, stablecoins and blockchain-based settlement systems.

Expanding Digital Asset Strategy for Both Companies

The deal builds on SoFi’s growing digital asset ambitions, which already include in app crypto trading and its own dollar-backed stablecoin. The company has also expanded its business banking services to combine traditional banking with digital-asset capabilities.

For Kraken, the partnership offers exposure to SoFi’s large user base while strengthening its liquidity offerings through its institutional trading arm. Both companies indicated the collaboration could eventually broaden into other areas, including payments, treasury management and lending.