SoFi launches business banking for fiat and crypto operations

SoFi Technologies Inc. (NASDAQ: SOFI) announced the launch of SoFi Big Business Banking, a service that allows enterprise clients to manage both traditional currency and cryptocurrency banking through a single regulated platform.

The service enables companies to hold deposits, transfer money, and conduct transactions around the clock using either fiat currency or stablecoins within SoFi's banking infrastructure. The platform provides regulated business deposit accounts, real-time API-driven payments available 24/7, and digital asset capabilities including support for SoFiUSD conversions.

"To be competitive businesses today must operate in a global, always-on environment 24 hours a day, 7 days a week, while legacy banks typically still operate 9 to 5, Monday to Friday," said Anthony Noto, CEO of SoFi.

Initial participants include Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, Jupiter, Mesh Payments, and Mastercard. The platform is expected to utilize Solana alongside other blockchain networks.

The service builds on SoFi's existing cryptocurrency capabilities, which include enabling customers to buy, sell and hold digital assets, and the launch of SoFiUSD stablecoin. SoFi operates as a nationally chartered bank with direct Federal Reserve access.

The unified platform aims to reduce complexity for companies operating across traditional and digital finance by eliminating the need for multiple service providers. Companies can manage both traditional banking and digital asset activities through a single interface.

SoFi reported serving 13.7 million members through its digital financial services platform and operates the Galileo technology platform that supports 128 million global accounts for financial institutions and brands.

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