SoFi declared that while XRP deposits are now accepted on the site, cryptocurrency transfers to external wallets are still prohibited. In a statement on X, the business said it was thrilled to allow XRP deposits alongside Bitcoin, Ethereum, and Solana and instructed users to manage their whole portfolio in a single app.
The debate raises concerns about whether retail infrastructure is keeping up with institutional demand given the wider spike in XRPL adoption by financial institutions experimenting with tokenisation, stablecoin settlement, and blockchain-based payment rails.
The SoFi announcement was criticised by many XRP investors on X, including Dan Thurman, who claimed that because customers are only receiving a derivative of XRP’s value from a risky bank, the platform functions like a spot ETF. In other words, if something goes wrong with SoFi, users won’t be able to use their tokens; thus, they have to rely on the organisation to stay solvent and compliant.
However, some holders continued to be enthusiastic, claiming that the listing shows a high demand for XRP and the acceptance of cryptocurrencies. In a similar vein, Ripple reacted to the announcement by stating that more people could take part if they had easier access to XRP.
SoFi’s listing is an attempt by Ripple to increase popular usage despite the withdrawal limits, as the token’s emphasis on reach and scale made it the fourth-largest cryptocurrency by market valuation at almost $100 billion.
This approach is strengthened by SoFi’s status as the only nationally licensed U.S. bank to provide Bitcoin and other cryptocurrency trading services straight from FDIC-insured accounts.
Source: X.com
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