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▲ XRP_SoFi/Source: X
SoFi, a major US fintech company with a massive customer base of 13.7 million people, has officially introduced XRP (Ripple) deposit services, firing a powerful signal announcing the grand integration of traditional finance and the blockchain ecosystem.
According to cryptocurrency media 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 mortgages, credit cards, investment services, and savings products offering high Annual Percentage Yields (APYs).
This deposit support is considered a significant shift away from traditional financial investment methods. Users can now purchase, hold, and sell the cryptocurrency within the SoFi platform, as well as deposit it into their personal wallets. This move significantly expands XRP's utility, reaching numerous tech-savvy investors.
Ripple welcomed the increased accessibility through SoFi via social media X, stating that it means more participation, which is how utility grows. SoFi added that it also included major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) in its list of supported deposit services, emphasizing that individuals can manage their entire portfolio on the first federally chartered bank app that allows buying, selling, and storing virtual assets.
SoFi, which has allowed XRP deposits, falls under the jurisdiction of a Federal Chartered Banking Institution and is supervised by the US Office of the Comptroller of the Currency (OCC). In the past, Ripple also applied for authorization from the OCC and received conditional approval for the establishment of Ripple National Trust Bank. Therefore, SoFi's current 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 reclaiming the $1.50 mark, which it lost due to the aftermath of the Middle East conflict, and stands at a critical juncture where there is also a risk of sliding back below $1.40 if it fails to maintain its upward momentum.
Meanwhile, although SoFi announced support for XRP deposits, user complaints arose after it became known that withdrawals to external wallets are not possible, as reported by The Block. Some users pointed out that "it is 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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