SoFi integrates Payward into real-time settlement network for 24/7 dollar clearing

SoFi Technologies and Payward, the parent company behind crypto exchange Kraken, have struck a partnership that plugs Kraken’s institutional clients into SoFi’s real-time settlement network. The deal, announced on September 3, extends round-the-clock USD clearing to digital asset traders who have historically been stuck waiting for traditional banking hours to move dollars. SoFi’s stock climbed 3.7% on the news. What the deal actually does At the center of this partnership is SoFi’s SEN, short for its real-time settlement network. Banks typically operate on weekday schedules, which creates a problem for crypto markets that trade around the clock, including weekends and holidays. SEN removes that bottleneck by letting Kraken’s institutional clients settle USD transactions 24/7. The partnership also routes digital asset trades through Kraken Prime, the exchange’s institutional trading arm, giving SoFi’s clients access to improved liquidity and execution. And then there’s the stablecoin angle. As part of the arrangement, Kraken will list SoFiUSD, a bank-issued stablecoin pegged 1:1 to the US dollar and redeemable for cash or cash equivalents. SoFi’s crypto revenue is growing fast In A...