SoFi Expands Crypto Offering With XRP, Faces Mixed Reactions

• SoFi becomes the first US national chartered bank to let users buy, sell, and hold XRP in one app.
• Ripple praised the move as a step toward broader access and growing real-world XRP utility.
• Critics flag that no withdrawal support means users get price exposure, not actual XRP access.

One of America’s fintech banks has now added XRP to its platform, and the community reactions have been mixed.

SoFi, the first nationally chartered bank in the US to offer crypto trading, announced that customers can now deposit and hold XRP alongside other major coins like Bitcoin, Ethereum, and Solana. The move was quickly welcomed by Ripple, which called it a step toward broader participation and growing utility for XRP.

“More access to XRP with SoFi means more people can participate, and that’s exactly how utility grows,” Ripple posted in response to the announcement.

On paper, it sounds like a win. In practice, the crypto community isn’t so sure.

What SoFi Actually Offers

SoFi positions itself as the one-stop financial app: banking, investing, borrowing, and now crypto, all under one roof. Users can buy, sell, and hold over 25 cryptocurrencies without a separate app or wallet. 

Trades execute instantly through linked SoFi checking accounts, and the platform is currently offering new crypto members up to $1,000 in digital assets as a sign-up bonus through June 2026.

The Catch: No Withdrawals Yet

Here’s where things get complicated. At launch, SoFi does not allow crypto withdrawals. That means users can hold XRP on the platform but cannot transfer it to an external wallet or use it elsewhere.

Critics were quick to point this out. XRP community members argued that without withdrawal support, this is less of a crypto integration and more of a price-tracking product, one that gives users exposure to XRP’s value without actually giving them XRP.

“Technically, people aren’t accessing XRP via this method,” one critic said. “They only get a derivative of its value from a risky bank.”

SoFi’s support team responded publicly, confirming that crypto withdrawals are coming soon. No firm date was given.

Does This Actually Help XRP?

That question is dividing opinion. Some users point out that XRP’s real value proposition lies in cross-border payments and on-chain utility, neither of which is activated by simply holding it in a bank account.

Others are taking a longer view, suggesting that SoFi’s integration could be the first step toward deeper functionality, potentially including support for RLUSD, Ripple’s stablecoin, down the line.

For now, SoFi’s XRP listing expands visibility but stops short of expanding utility.

Related: XRP Gains Attention After BitMEX, OKX, Bitrue Trigger Market Buzz