SoFi expands into institutional finance with integrated crypto services

The new platform enables companies to hold funds, move money and settle transactions in fiat or crypto within a single regulated system.

Digital banking platform SoFi Technologies has launched Big Business Banking, a platform that allows companies to manage fiat and crypto transactions within a single regulated system.

According to Thursday’s announcement, the offering enables companies to hold deposits, move funds and settle transactions around the clock using either traditional currencies or digital assets, consolidating functions that have typically been split across banks, custodians and crypto service providers.

It also introduces support for issuing and redeeming the company’s stablecoin, SoFiUSD, allowing businesses to convert between fiat and onchain assets while keeping reserves within a regulated banking environment.

The rollout includes participation from companies such as Cumberland, BitGo, Bullish, B2C2, Fireblocks, Wintermute, Jupiter, Galaxy, Mesh Payments and Mastercard, reflecting early demand from trading, payments and infrastructure providers.

SoFi said the system is expected to connect with blockchain networks, including Solana, to support onchain settlement.

The move comes as the bank has been pushing deeper into digital assets. In June, SoFi resumed crypto trading, enabling users to buy, sell and hold digital assets, and expanded blockchain-based remittance services to more than 30 countries. 

In December, it launched SoFiUSD, a fully reserved dollar-backed stablecoin issued by its banking subsidiary, redeemable on demand and initially deployed on Ethereum.

Related: Standard Chartered says faster stablecoin turnover could curb demand

While SoFi is expanding from the banking side, crypto-native companies are building similar infrastructure to integrate digital assets into institutional systems.

In March, crypto infrastructure platform BitGo launched a financing platform that enables institutions to borrow and lend against liquid, staked and locked assets within a single custody account.

In January, Fireblocks acquired crypto accounting platform TRES for $130 million, adding tax and compliance capabilities as institutions seek audit-ready reporting for digital asset operations.

This week, Ripple added digital asset capabilities to its treasury platform, enabling companies to manage crypto and fiat balances in one system.

Beyond expanding services for institutional clients, several platforms are also pursuing US banking licenses. On Wednesday, crypto exchange EDX Markets applied to the Office of the Comptroller of the Currency to establish a national trust bank, aiming to separate custody and settlement from trading through a non-depository entity called EDX Trust.

Earlier this month, Zerohash applied for a national trust bank charter to expand its stablecoin and custody services, joining applicants including Coinbase, Laser Digital and Payoneer as companies seek regulatory approval to offer integrated crypto financial services.

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Source: CoinTelegraph