SoFi announces 24/7 banking hub that blends traditional cash with crypto
The new service lets companies hold dollars, convert to stablecoins and move money instantly within a regulated bank.
What to know:
- SoFi said it is launching SoFi Big Business Banking, a platform that lets companies manage U.S. dollars and crypto, including stablecoins, within its regulated bank.
- The service aims to replace the current patchwork of banks, stablecoin issuers and custodians by enabling 24/7 deposits, conversions into SoFiUSD and instant movement of funds on blockchain networks such as Solana.
- Early partners including Cumberland, Wintermute, Galaxy, BitGo and Bullish plan to use the system to move and settle transactions more efficiently, reflecting a broader push to merge traditional banking with blockchain infrastructure.
Today, companies operating in crypto often rely on a patchwork of providers: a bank for cash, a separate firm for stablecoins and another for custody. Moving money between them can take hours or days. SoFi said it is trying to simplify that.
“To be competitive, businesses today must operate… 24 hours a day, 7 days a week,” SoFi CEO Anthony Noto said in a press release, contrasting the platform with traditional banking hours.
Under the new system, a trading firm could deposit dollars at SoFi, convert them into a digital token like SoFiUSD and deploy that capital instantly into markets, without waiting for bank wires to clear. Funds can also move back into dollars just as quickly.
The platform includes large crypto firms as early partners, including Cumberland, Wintermute, Galaxy (GLXY), BitGo (BTGO) and CoinDesk 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.
