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SoFi, a prominent US-based financial technology company, launched the Big Business Banking feature, enabling fiat and crypto operations through a single account. SoFi picked Solana for its crypto operations.
SoFi Technologies (NASDAQ: SOFI) announced the launch of its SoFi Big Business Banking, a new one-stop feature for both fiat and crypto banking. SoFi offers the security of a nationally chartered bank with the flexibility to operate either crypto or fiat through a single integrated service.
SoFi has already integrated on-chain assets and has enabled its clients to buy, sell, and hold crypto. The fintech company also issues SoFiUSD and runs a regulated infrastructure spanning traditional and on-chain finance.
SoFi to enable regulated crypto holdings
Big Business Banking will enable companies to work with both traditional and digital finance. The platform will settle transactions 24/7, offering business-grade security.
‘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.
‘SoFi Big Business Banking is changing that by combining the strength and regulatory foundation of a nationally chartered bank with the speed, scale, and flexibility companies need to move and manage money or digital assets in real time.’
SoFi will offer regulated business deposits without fear of bank freezes, real-time payments, and settlement in fiat or SoFiUSD, as well as other selected crypto assets. The bank will also allow its clients to mint and burn SoFiUSD for their needs, with an instant switch between fiat and digital assets. SoFi will guarantee the safety of reserves, a growing concern after recent attacks against Solana’s Drift Protocol.
Clients will be able to use a unified interface for both crypto and fiat operations, reducing the number of steps and intermediaries.
SoFi will start its crypto access with Solana
SoFi will launch with support from large crypto funds and market makers, including Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, and others. Mastercard will also support the project.
The initial network offered is Solana, with additional chains also available. Solana has grown its influence as a chain for enterprise and personal finance, especially after the expansion of USDC ownership.
Initially, SoFi will operate its Big Business platform for its partners, offering smoother rails between crypto and fiat. SoFi joins the broader trend of crypto organizations seeking access to traditional banking via national charters in the US market.
SoFi moved to retail crypto trading in late 2023, just in time for the latest crypto cycle. The company is also a large originator of private credit, one of the main growth sectors in traditional finance. For now, SoFi has only set up intentions to integrate its main lending activity with crypto.
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English (US)