I'm LongbridgeAI, I can summarize articles.SoFi stock rose 2.5% following a strategic agreement with Kraken parent Payward. The deal lists SoFiUSD stablecoin on Kraken, expands SoFi's exchange network for 24/7 dollar clearing, and grants SoFi users access to Kraken Prime for better trade prices. This partnership bridges traditional banking and crypto markets, aiming to accelerate fund movements. Despite the positive market reaction, TipRanks maintains a 'Hold' consensus for SOFI with an average price target of $20.57.
SoFi stock (SOFI) gains 2.5% after a new deal with Kraken parent firm Payward puts SoFi's bank-backed token, SoFiUSD, onto Kraken's trading app. Under the agreement, Payward joins the SoFi Exchange Network to give Kraken institutional users 24/7 dollar clearing outside regular bank hours. In return, SoFi hooks into Kraken Prime to get better crypto trade prices for its app users.
This deal links a major bank directly to a large crypto market. Investors pushed SOFI shares higher as soon as markets opened. Both firms want to make moving cash and buying coins faster for all users.
SoFiUSD Stablecoin Gets Listed on Kraken
A major part of the deal puts SoFi's bank-issued token, SoFiUSD, in front of a much larger audience. Kraken lists SoFiUSD across its main platform, opening access to the dollar-backed coin for retail and institutional traders. The move expands SoFi's work to blend everyday bank accounts with crypto products.
Traders can exchange SoFiUSD one-for-one for U.S. dollars at any time. Adding the coin to a major exchange helps it compete with other top dollar coins. It also lets big firms move funds without waiting for regular wire transfers to clear.
SoFi Provides 24/7 Dollar Clearing for Kraken Clients
Regular banks close on weekends and nights, which delays cash movements. The SoFi Exchange Network fixes that by moving dollars all day, every day. Linking SoFi's dollar network with Kraken's order books lets big traders clear cash moves whenever they want. This link gives Kraken users direct access to SoFi's bank network while giving SoFi members better trade execution through Kraken Prime.
Essentially, SoFi and Kraken plan to expand this work over time to cover loans and corporate lending tools.
Is SoFi Stock Good to Buy Now?
According to TipRanks' consensus, SOFI stock has a Hold consensus rating based on seven Buys, six Holds, and three Sells assigned in the last three months. At $20.57, the average SOFI stock price target implies a 13.09% upside potential.