Kraken's parent company Payward has struck a strategic alliance with financial technology firm SoFi, aiming to combine SoFi's real-time banking infrastructure with Kraken's digital asset trading capabilities. The partnership was announced on September 3, 2026.

We're proud to join @SoFi in bringing banking and crypto markets closer together.

Through the partnership: → Payward joins the SoFi Exchange Network → SoFiUSD is coming to @KrakenFX → SoFi will route member crypto orders through @KrakenPrimeHQ

One infrastructure layer,… pic.twitter.com/aXVSxZEnG6

— Payward (@Payward) September 3, 2026

Under the arrangement, Payward becomes a participant in the SoFi Exchange Network (SEN), SoFi's instantaneous dollar settlement infrastructure. In turn, Kraken will list SoFiUSD, a stablecoin pegged to the US dollar and issued by SoFi Bank. Launched in 2026, SoFiUSD is used for payment and settlement and is backed by cash holdings and short-duration US Treasury securities. The listing places SoFi Bank among a growing set of regulated financial institutions issuing their own dollar-pegged tokens, a market long dominated by independent issuers such as Tether and Circle.

Benefits for Both Partners

SoFi will route digital asset transactions through Kraken Prime, whose smart order routing gives SoFi access to liquidity across multiple trading venues rather than a single marketplace. Payward, for its part, gains entry to SoFi's continuous dollar settlement infrastructure and corporate banking services. The two companies said qualified custody solutions may be added as the partnership matures.

SoFi, which counts 15.8 million members, already offers cryptocurrency trading in its mobile app. In Q2 2026, its crypto-related transaction revenue reached $134.3 million, up 10% from the first quarter.

Corporate and institutional clients on either platform will be able to move dollars and manage liquidity outside conventional banking hours. That addresses a longstanding operational friction in digital asset markets: while crypto trades continuously, traditional dollar settlement has historically been limited to banking hours, leaving firms reliant on stablecoins or pre-funded balances to move cash on nights and weekends.

"Millions of people will buy their first crypto asset inside the app they already use for their paycheck," said Payward Co-CEO David Ripley.

Payward's Broader Traditional Finance Push

The SoFi deal is one piece of a wider effort by Payward to expand beyond cryptocurrency trading. Reports earlier this week said the London Stock Exchange Group had partnered with Payward to offer tokenized British equities through a new platform, LSE 24, which will operate 24 hours a day, five days a week, with launch planned for 2027.

Last month, Kraken began offering round-the-clock exposure to the S&P 500 through its funded trading product, with commodities trading planned as a future addition. Kraken has also built its tokenized securities platform, xStocks, after acquiring Backed Finance in early 2026; the platform has supported exposure offerings tied to initial public offerings including SpaceX and Jersey Mike's.

On the regulatory front, Payward applied to the Office of the Comptroller of the Currency in May for a national trust company charter, while Kraken Financial, its Wyoming-chartered banking entity, secured a Federal Reserve master account in March. These steps give the company direct access to the US banking system rather than dependence on third-party banking partners, a pain point that has historically limited crypto firms' dollar operations.

Payward confidentially filed a draft IPO registration with the SEC in November 2025. Reports now indicate the public listing has been delayed until at least Q2 2027. The expansion into banking infrastructure and tokenized traditional assets would give the company a broader revenue base to present to public-market investors when the listing proceeds.