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▲ XRP_SoFi/Source: X
SoFi, a major U.S. fintech company with a massive customer base of 13.7 million people, has officially introduced XRP (Ripple) deposit services, firing a powerful signal for the grand integration of traditional finance and the blockchain ecosystem.
According to cryptocurrency media outlet Watcher.Guru on April 22 (local time), California-based SoFi announced that it has enabled XRP deposit functionality for its 13.7 million banking service customers. SoFi is a comprehensive financial institution that handles personal loans, home equity loans, credit cards, investment services, and savings products offering high Annual Percentage Yields (APY).
This deposit support is considered a significant departure from traditional financial investment methods. Users can now purchase, hold, and sell the cryptocurrency within the SoFi platform, as well as deposit it into personal wallets. This allows XRP to reach numerous tech-savvy investors, significantly expanding its utility.
Ripple welcomed the move via social media X, stating that increased accessibility through SoFi means more participation, which is how utility grows. SoFi added that it has also included major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) to its list of supported deposit services, emphasizing that individuals can manage their entire portfolio within the app of the first federally chartered bank that allows buying, selling, and holding virtual assets.
SoFi, which has allowed XRP deposits, falls under the jurisdiction of a Federal Chartered Banking Institution and is supervised by the U.S. Office of the Comptroller of the Currency (OCC). In the past, Ripple also applied for a charter with the OCC and received conditional approval for the establishment of Ripple National Trust Bank, thus, SoFi's move is interpreted as a key step in bridging the gap between traditional finance and blockchain currency systems.
Following SoFi's major announcement, XRP's price rose over 1% on Wednesday, reaching $1.46. It is currently on the verge of recapturing the $1.50 mark, which it had surrendered due to the impact of the Middle East conflict, and stands at a critical juncture where there is also a risk of slipping back below $1.40 if it fails to maintain upward momentum.
Meanwhile, although SoFi announced support for XRP deposits, user complaints have arisen due to the inability to withdraw to external wallets, The Block reported. Some users pointed out, "It's virtually no different from a spot ETF." The company explained that it plans to support withdrawal functionality in the future.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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