SoFi Technologies (NASDAQ: $SOFI) has launched a new business banking platform designed to let companies handle both cash and cryptocurrencies in one place.
The new service, called “SoFi Big Business Banking,” allows firms to hold U.S. dollars, convert them into stablecoins, and move funds around the clock, all within SoFi’s online bank.
SoFi said that it is trying to simplify the banking process and eliminate the need to have a bank for cash, a separate firm for stablecoins, and another for custody.
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Going forward, a trading firm can 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.
The new platform includes several crypto firms as partners, including BitGo (NYSE: $BTGO) and Bullish (NYSE: $BLSH). These companies are handling trading, liquidity, and asset custody.
A central piece of the offering is SoFiUSD, a stablecoin that can be created and redeemed inside SoFi’s online bank.
The new platform uses blockchain networks, including Solana (CRYPTO: $SOL), to process transactions on behalf of clients.
In a news release, SoFi said that its new banking platform reflects the growing integration of traditional banks and cryptocurrency firms.
SOFI stock has declined 43% this year to trade at $15.63 U.S. per share.
