SoFi Technologies, a nationally chartered US bank, has unveiled SoFi Big Business Banking, providing enterprise partners with fiat and crypto banking capabilities.
Big Business Banking aims to unify the firm’s prior integration of blockchain into its core platform — including the launch of SoFiUSD, its stablecoin — by allowing any company working across both TradFi and digital finance to hold deposits, move money, and settle transactions 24/7.
The platform will include regulated business deposit accounts that allow institutions to hold funds directly within SoFi’s regulated bank.
Real-time, API-driven payments will also be available to clients, enabling 24/7/365 money movement and settlement in fiat, SoFiUSD, and other select cryptocurrencies.
The minting and burning of SoFiUSD will also be supported by Big Business Banking, through its digital asset enablement, said to offer instant conversion between fiat and digital assets.
The initiative is designed for unified financial operations, offering clients a single, integrated interface for managing traditional banking and digital assets, according to SoFi.
Speaking on the offering, Anthony Noto, CEO of SoFi, believes that the platform is changing the way legacy banks operate, “by combining the strength and regulatory foundation of a nationally chartered bank with the speed, scale, and flexibility” of moving and managing digital assets.
Initial firms supporting the institutional launch include Cumberland, Bullish, BitGo, B2C2, Wintermute, Fireblocks, Galaxy, Jupiter, Mesh Payments, and Mastercard, with the platform anticipated to leverage Solana and other blockchain networks.
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