SoFi and Payward Partner to Link Banking and Digital Asset Markets | LeapRate
On Thursday, SoFi Technologies and Payward announced a strategic partnership designed to connect banking, payments, liquidity and digital asset markets.
Under the partnership, Payward, the infrastructure platform behind Kraken, will join the SoFi Exchange Network and list SoFiUSD, SoFi’s bank-issued stablecoin, on its multi-asset trading platform.
SoFi will also use Kraken Prime, Payward’s prime brokerage solution, as an additional source of digital asset liquidity, with qualified custody capabilities available as the relationship expands.
By joining the SoFi Exchange Network, the company’s real-time settlement network, Payward is said to unlock new pathways for institutional clients to clear and settle US dollar transactions around the clock.
The partnership also connects Kraken to the network, allowing its institutional clients to move dollars and manage liquidity across both networks at any hour.
“The financial system should not shut down when markets stay open,” commented Anthony Noto, chief executive of SoFi. “Our partnership with Payward is a powerful validation of that strategy and an important step toward a financial system where businesses can move money across networks and, over time, across borders.”
David Ripley, co-chief executive of Payward, stated that “money and markets are converging into a new financial paradigm and the underlying infrastructure had to catch up”
Kraken Prime will serve as an additional source of liquidity behind SoFi’s crypto offering, enabling better pricing for members on trades they already make in the app.
