SoFi said Thursday that it is launching a new business banking platform designed to allow businesses to manage both traditional money and cryptocurrencies in one place, as it dives deeper into digital assets.
The service, called SoFi Big Business Banking, allows businesses to hold US dollars, convert them into stablecoins, and move funds 24 hours a day, all within SoFi’s regulated bank.
Today, cryptocurrency companies often rely on a patchwork of providers: one bank for cash, a separate company for stablecoins, and another for custody. Moving money between them can take hours or days. SoFi said it’s trying to simplify that.
“To be competitive, today’s businesses must operate…24/7,” SoFi CEO Anthony Noto said in a press release, contrasting the platform with traditional banking hours.
Under the new system, a trading company could deposit dollars into SoFi, convert them into a digital token like SoFiUSD, and deploy that capital instantly into the markets, without waiting for bank transfers to clear. The funds can also be converted back into dollars just as quickly.
The platform includes large crypto companies as first partners, including Cumberland, Wintermute, Galaxy (GLXY), BitGo (BTGO), and CoinDesk’s parent company Bullish (BLSH). These companies, which handle trading, liquidity and asset custody, are expected to use the system to move money and settle transactions more efficiently.
A centerpiece of the offering is SoFiUSD, a stablecoin that can be created and redeemed within the bank. Unlike many stablecoins issued outside the US banking system, SoFi’s version is tied directly to a regulated balance sheet, with reserves held internally.
The platform will also use blockchain networks, including Solana (SOL), to process transactions.
The launch reflects a broader shift in finance, as banks and crypto companies move closer together.
Instead of operating as separate systems, companies are increasingly trying to merge traditional banking with blockchain-based infrastructure. If successful, SoFi’s approach could reduce the need for multiple intermediaries and make it easier for large companies to move money globally.
