SoFi Technologies announced a partnership with Payward, the firm behind Kraken, to connect its banking settlement network with Kraken’s digital‑asset infrastructure. The integration will list SoFi’s own stablecoin, SoFiUSD, on Kraken’s exchange and open a conduit for other crypto‑banking services, marking a significant step toward blurring the line between conventional finance and cryptocurrency markets.

Partnership details

According to the companies’ joint statement, the collaboration will embed Kraken’s on‑chain settlement capabilities directly into SoFi’s existing banking backend, allowing SoFi customers to settle transactions in digital assets without leaving the traditional banking environment. The agreement, reported by CoinDesk and The Block, also includes a broader commitment to explore additional crypto‑related products, though specifics have not been disclosed.

“The collaboration will enable seamless settlement between traditional banking and crypto assets,” the companies said in a joint release.

The partnership was described by The Financial Times as a “linking of banking and digital‑asset markets,” emphasizing that both firms view the move as a way to capture overlapping user bases. SoFi’s settlement network, which processes millions of dollars in daily transactions for its banking customers, will now have a direct pipeline to Kraken’s high‑liquidity order books and custody solutions.

In Mas'ha, in the northern West Bank, the Barrier has enclosed Munira Amer and her family in their own enclave for almost eight years. The house lies mere metres from the Israeli settlement of Elqana
In Mas'ha, in the northern West Bank, the Barrier has enclosed Munira Amer and her family in their own enclave for almost eight years. The house lies mere metres from the Israeli settlement of Elqana (Image: Wikimedia Commons)

Implications for the market

Industry analysts see the tie‑up as a response to growing demand for hybrid financial services that combine the speed and programmability of crypto with the regulatory safeguards of traditional banks. As mainstream banks increasingly experiment with stablecoins and crypto custodial services, the SoFi‑Kraken link could accelerate adoption by offering a familiar banking interface alongside crypto trading capabilities.

For crypto‑native users, the deal promises easier access to SoFi’s suite of financial products, such as personal loans and high‑yield savings accounts, using digital assets as collateral. For traditional investors, the integration could reduce the friction of moving funds into crypto markets, a barrier that has historically limited broader participation.

Site of medieval settlement at Mapleton, Derbyshire
Site of medieval settlement at Mapleton, Derbyshire (Image: Wikimedia Commons)

The collaboration arrives amid a broader industry trend where fintechs and exchanges are forging partnerships to expand their ecosystems. Earlier this year, several U.S. banks announced pilots with crypto firms, and regulators have signaled a willingness to consider stablecoin frameworks that bridge the two sectors. By embedding Kraken’s infrastructure within its settlement layer, SoFi positions itself as an early mover in a space that regulators, investors, and consumers are watching closely.

While the exact financial terms of the agreement were not disclosed, both firms indicated that the partnership will be governed by existing compliance and AML protocols, aiming to satisfy U.S. regulatory expectations. The move underscores the ongoing convergence of banking and crypto, a trend that could reshape how consumers manage and transfer value across digital and fiat domains.

Market Snapshot

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Live data: CoinGecko — 2026-09-03 13:20 UTC