Mentioned:
SoFi Technologies is deepening their commitment to crypto. Which is exactly why they’re just begun a new partnership with Kraken’s parent company.
What’s happening:
- SoFi Technologies (NASDAQ: SOFI) and Kraken’s parent company Payward have formed a new partnership focused on banking settlements and stablecoin distribution
Why it matters:
- The new partnership will provide Kraken with 24/7 USD settlement on SoFi Technologies’ network in order to allow institutional clients to move U.S. dollars in and out of their exchange at any time
Going deeper:
- Kraken will list SoFi Technologies’ bank-issued stablecoin SoFIUSD to expand its distribution as part of the new partnership
- SoFi Technologies has been embracing crypto and digital assets lately, including notably launching a pilot project with Mastercard (NYSE: MA) to use SoFIUSD as a settlement currency on Mastercard’s global network
The intrigue:
- Payward just recently made major waves when they struck a partnership with the London Stock Exchange to tokenize the 100 largest listed companies in the United Kingdom
