SoFi introduces platform for corporate clients combining fiat and crypto

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SoFi introduces platform

Highlights

SoFi launches a platform to manage fiat and cryptocurrency operations.
SoFi Big Business Banking offers regulated corporate deposit accounts and 24/7 payments.
First users of the platform include major cryptocurrency companies such as Cumberland, Bullish, and BitGo.

The new product is part of the continued integration of blockchain technologies into the company's platform, providing businesses with access to modern financial tools and liquidity, as stated in the company’s press release.

New opportunities for business

SoFi CEO, Anthony Noto, emphasized the importance of round-the-clock operations in today’s market. “To be competitive businesses today must operate in a global, always-on environment 24 hours a day, 7 days a week,” he stated.

Unlike traditional banks that operate from 9 a.m. to 5 p.m., SoFi Big Business Banking allows companies to manage cash and digital assets in real time, without the constraints of banking hours.

The platform combines the functions of a national bank with direct access to the Federal Reserve System and uses modern API capabilities. Among the key features are regulated corporate deposit accounts with high throughput, enabling companies to store funds in SoFi’s regulated bank with maximum transparency and institutional guarantees. The platform also provides 24/7 payments in fiat currencies, SoFiUSD, and cryptocurrencies, allowing businesses to operate in global markets without the restrictions of traditional financial institutions.

Systems and features of SoFi Big Business Banking

A key feature of the platform is its support for the “minting and burning” mechanism of SoFiUSD, allowing for instant conversion of fiat and digital assets. This provides companies with the necessary flexibility to manage their reserves within a regulated environment. Another important advantage is the unified interface for managing both traditional banking operations and digital asset transactions, which reduces dependence on multiple intermediaries and simplifies financial processes.

Significance for the industry

The launch of SoFi Big Business Banking is a key milestone in integrating traditional finance with digital assets. It simplifies financial processes for large businesses, providing them with the ability to manage both fiat and digital assets through a single interface. This is especially important in light of the growing interest in cryptocurrencies and the need for quick access to liquidity.

Among the first users of the platform are expected to be major players such as Cumberland, Bullish, BitGo, B2C2, and others. SoFi Big Business Banking could become an important step in the development of financial technologies and expanding opportunities for businesses on the global market.

Earlier, we reported that SoFi launched direct deposits in SOL to continue the integration of the Solana blockchain with the banking system.

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