SoFi Links Banking Network to Kraken, Expanding Real-Time Settlement
SOFI sits 21% above its 52-week low of $14.88.
Summary
SoFi and Payward (Kraken's parent) agreed to connect SoFi's banking network with Kraken's trading infrastructure. Payward joins SoFi Exchange Network (SEN), SoFi's real-time settlement system, and will list SoFiUSD on Kraken. SoFi gains access to Kraken Prime as an additional liquidity source for crypto trades in its app. This extends SEN beyond enterprise banking clients to Kraken's institutional customers, enabling dollar movement and liquidity management outside traditional banking hours. The deal deepens SoFi's crypto infrastructure play, following its Q2 crypto transaction revenue of $134.3M (up 10% QoQ) and the April launch of SEN alongside Big Business Banking. For Kraken, it broadens its push into financial infrastructure, building on its Fed master account and OCC trust charter application. The partnership is a strategic expansion for both, though crypto remains a small part of SoFi's $1.2B adjusted net revenue.
At the time of this announcement, SOFI was trading at $17.97 on NASDAQ in the Finance sector, with a market capitalization of approximately $23B. The 52-week trading range was $14.88 to $32.73. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: The Block.