SoFi announced Thursday the launch of a new business banking platform designed to allow businesses to manage both traditional money and crypto in one place, while also delving deeper into digital assets.
The service, called SoFi Big Business Banking, allows businesses to hold US dollars, convert them to stablecoins and move funds around the clock, all within SoFi’s regulated bank.
Today, companies operating in the crypto space often rely on a patchwork of providers: a bank for cash, a separate company for stablecoins, and another for custody. Transferring money between them can take hours or even days. SoFi said it was trying to simplify this.
“To be competitive, businesses today 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 to a digital token like SoFiUSD, and deploy that capital instantly into the markets, without waiting for bank transfers to clear. Funds can also be converted back to dollars just as quickly.
The platform includes major crypto companies as its first partners, including Cumberland, Wintermute, Galaxy (GLXY), BitGo (BTGO), and CoinDesk parent company Bullish (BLSH). These companies, which manage trading, liquidity and custody of assets, are expected to use the system to move money and settle transactions more efficiently.
The core element of the offering is SoFiUSD, a stablecoin that can be created and traded within the bank. Unlike many stablecoins issued outside of the US banking system, SoFi’s version is directly tied to a regulated balance sheet, with reserves held internally.
The platform will also use blockchain networks, including Solana (SOL), to process transactions.
This launch reflects a broader shift in finance, as banks and crypto companies move closer together.
Instead of operating as separate systems, companies are increasingly attempting to merge traditional banking services 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.
