SoFi opens XRP deposits to 13.7 million customers, expands crypto utility
Leading California fintech SoFi has enabled XRP deposits for its 13.7 million banking customers, marking a notable push to broaden crypto access among mainstream retail users. The company — which offers banking, loans, mortgages, credit cards, investment products and competitive APYs on savings — now lets customers buy, hold, sell and deposit XRP directly into their SoFi wallets.
SoFi confirmed on X that XRP joins other major coins already supported for deposits, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). “We’re excited to now support $XRP deposits—along with the most popular coins, like BTC, ETH, and SOL,” the firm wrote. “Manage your portfolio in one app with the first national chartered bank where individuals can buy, sell, and hold crypto.”
Ripple welcomed the development on X, noting that “more access to XRP with SoFi means more people can participate, and that’s exactly how utility grows.”
Regulatory context and industry implications
SoFi operates under a federal charter and falls under oversight by the Office of the Comptroller of the Currency (OCC). The move follows related developments in the space: Ripple itself applied to the OCC and received conditional approval to establish the Ripple National Trust Bank. Industry observers say these approvals and product launches help narrow the gap between traditional finance and blockchain-based money, boosting on-ramps for mainstream adoption.
Market reaction
The announcement gave XRP a modest lift: the token rose just over 1% to roughly $1.46 on Wednesday. XRP is now eyeing a return to the $1.50 level after earlier weakness tied to the Middle East conflict; however, it will need sustained momentum to avoid slipping back under $1.40.
Why it matters
Allowing XRP deposits at a nationally chartered bank like SoFi increases convenience and custody options for everyday investors, potentially expanding XRP’s utility and liquidity among tech-savvy retail customers. For the broader crypto ecosystem, it’s another sign that banks and regulated financial services are integrating digital assets into mainstream product suites.
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