SoFi Launches Business Banking Platform Integrating Fiat and Crypto
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SoFi Technologies announced Thursday the launch of SoFi Big Business Banking, a platform that lets companies manage both traditional currency and digital assets inside a single regulated bank. The service combines deposit accounts, fund transfers, and transaction settlement into one system that operates around the clock. The platform is built to replace the fragmented setup many crypto-active businesses currently rely on. Companies today typically use a separate bank for cash, a different provider for stablecoin issuance, and another for digital asset custody. Moving money across those providers can take hours or days. SoFi says its platform eliminates that friction. SoFi CEO Anthony Noto said businesses must operate 24 hours a day, seven days a week, to stay competitive, contrasting the new platform with the fixed hours of conventional banking. Under the system, a firm can deposit dollars, convert them into SoFiUSD, and deploy capital into markets immediately without waiting for wire transfers to settle. SoFiUSD is SoFi's dollar-backed stablecoin, issued and redeemable directly within the bank. Its reserves are held on SoFi's own regulated balance sheet, distinguishing it from stablecoins issued outside the traditional banking system. The platform will also process transactions on blockchain networks, including Solana. Early participants in the platform include Cumberland...
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