SoFi Launches Big Business Banking Platform for Fiat and Crypto

SoFi Technologies Inc. launched a new enterprise banking platform on Thursday that integrates traditional fiat currency services with cryptocurrency operations, aiming to provide businesses with round-the-clock financial management. The announcement, however, coincided with a decline in the company's stock price, which closed at $15.63, down $1.57, and fell further to $15.07 in premarket trading.

Dubbed Big Business Banking, the platform operates through SoFi's nationally chartered bank and allows companies to hold deposits, transfer funds, and settle transactions in real time using both fiat currencies and digital assets. It supports payments in U.S. dollars, SoFi's own SoFiUSD stablecoin, and select cryptocurrencies, facilitated by a mint-and-burn process that enables instant conversions while maintaining regulatory reserve requirements. The system leverages blockchain networks, including Solana, for faster processing and scalability, and offers API-driven tools to automate workflows and reduce reliance on multiple providers.

SoFi Chief Executive Anthony Noto described the platform as a response to modern business needs. "To be competitive, businesses today must operate in a...