Leading fintech firm SoFi has enabled XRP deposits for its 13.7 million banking customers, marking a significant expansion of access to the cryptocurrency. The California-based company, which operates under a national bank charter, announced support for XRP alongside Bitcoin, Ethereum, and Solana. Ripple acknowledged the development on social media, stating that more access helps grow utility.
The California-based fintech company SoFi has announced the enabling of XRP deposits for its 13.7 million banking customers. This move represents a shift from traditional financial investment methods, allowing users to buy, hold, sell, and deposit the altcoin.
Ripple acknowledged the move and said on X, “More access to XRP with SoFi means more people can participate, and that’s how utility grows.” SoFi also announced support for deposits of other leading cryptocurrencies like Bitcoin, Ethereum, and Solana.
The company wrote on X, “We’re excited to now support XRP deposits—along with the most popular coins, like BTC, ETH, and SOL.” It described itself as the first nationally chartered bank where individuals can manage a crypto portfolio in one app.
SoFi operates under the oversight of the Office of the Comptroller of the Currency as a federal chartered banking institution. Ripple has also received conditional approval from the OCC to establish a national trust bank.
Following the announcement, the price of XRP climbed more than 1% on Wednesday, reaching $1.46. The altcoin is now looking to reclaim the $1.50 level it fell from during recent geopolitical tensions.
