I'm LongbridgeAI, I can summarize articles.SoFi Technologies announced a strategic partnership with Payward to integrate its banking infrastructure with Kraken's digital asset markets. The deal lists SoFiUSD stablecoin on Kraken and utilizes Kraken Prime for liquidity, aiming to provide 24/7 settlement capabilities. While shares initially rose on the news, they later fell 2.92% to $17.97.
SoFi Technologies Inc. (NASDAQ:SOFI) is trending after the company announced a strategic partnership with Payward on Thursday, connecting SoFi’s banking infrastructure with Kraken’s digital asset markets. Shares traded higher on the news on Thursday.
SoFiUSD to List on Kraken
Under the agreement, Payward will join the SoFi Exchange Network and list SoFiUSD, SoFi’s bank-issued stablecoin, on Kraken, its multi-asset trading platform. SoFi will also use Kraken Prime, Payward’s prime brokerage solution, as an additional source of digital asset liquidity for trades made by SoFi members within its app. By joining SEN, SoFi’s real-time settlement network, Kraken’s institutional clients gain the ability to clear and settle U.S. dollar transactions around the clock, extending settlement beyond traditional banking hours.
“The financial system should not shut down when markets stay open,” said Anthony Noto, CEO of SoFi. “SoFi is building the trusted financial infrastructure for an always-on economy, combining the strength of a nationally chartered bank with technology that allows money to move seamlessly and efficiently.”
Why It Matters: SoFiUSD Listing Expands Access, Liquidity
The partnership builds on SoFi’s Big Business Banking offering, launched in April to combine its enterprise banking and digital asset capabilities. SoFiUSD’s listing on Kraken expands access to the stablecoin for millions of retail, professional, and institutional clients, while SoFi members stand to benefit from better pricing on crypto trades made through Kraken Prime’s liquidity.
Read Also: Stock Market Today: Nasdaq 100, S&P 500 Futures Rise, Dow Jones Edges Lower as U.S. Jobs Rebound by 162,000 in August — LULU, PATH, DOCU in Focus (UPDATED)
SoFi Shares Fall
SOFI Price Action: At the time of publication, SoFi shares are trading 2.92% lower at $17.97, according to data from Benzinga Pro.
Image via Shutterstock