thestreet.com
SoFi Technologies has officially introduced 'Big Business Banking', a new service designed to bridge the gap between traditional finance and digital assets.
As a nationally chartered bank with more than 13.7 million members and over $50 billion in assets, SoFi is leveraging the Solana blockchain to allow large companies to manage both cash (fiat) and cryptocurrency on a single regulated platform.
Modernizing the 9-to-5 banking model
This new offering aims to solve a long-standing problem for global companies, which is the limited hours of traditional banks.
SoFi CEO Anthony Noto noted that while legacy banks typically operate only on weekdays during business hours, modern competition requires an "always-on" environment.
“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,” Noto stated.
Key capabilities for large businesses
By integrating directly with the Federal Reserve and using modern technology, SoFi is providing enterprise partners with several new tools:
- Regulated deposit accounts: High-capacity accounts that keep funds within a regulated bank environment with institutional safeguards.
- Real-time payments: Companies can move money 24/7 in traditional cash, selected cryptocurrencies, or SoFiUSD (the bank’s own digital dollar).
- Instant asset conversion: The platform supports the “mint and burn” of SoFiUSD, allowing businesses to convert between cash and digital assets instantly.
- Unified operations: A single interface manages both traditional banking and digital assets, removing the need for multiple different providers.
More on TheStreet Roundtable:
- Algorand CEO calls blockchain the end of TradFi
- BitGo CEO says Bitcoin’s scarcity remains its most important feature
- Bank of New York urges regulation and 'clarity' for crypto industry
A growing ecosystem
SoFi is launching this service alongside a network of major industry partners, including Mastercard, Galaxy, BitGo, and Fireblocks.
While the platform will utilize the Solana network, known for completing transactions in under a secont, it is also be working with other blockchain networks.
This move marks a significant shift as one of the largest digital financial services in the U.S. fully integrates blockchain technology into its regulated core.