SoFi has added support for XRP deposits on its crypto platform, marking another step in the firm’s expansion into digital assets. However, the rollout has drawn criticism from users who say the feature falls short due to restrictions on transferring funds to the platform.
According to the company, users can now deposit XRP into their accounts, increasing accessibility to one of the largest cryptocurrencies by market capitalization. The move aligns with SoFi’s broader push into crypto services following its launch of trading capabilities as a nationally chartered bank.
Despite the added support, users quickly pointed out a key limitation: XRP cannot currently be withdrawn to external wallets. Critics argue this restriction reduces the asset’s functionality, effectively turning it into a custodial product rather than a fully usable cryptocurrency.
Some users compared the offering to a passive investment vehicle, noting that without withdrawal capabilities, XRP on SoFi behaves more like a synthetic exposure than an onchain asset. The inability to move funds freely also limits participation in the broader XRP ecosystem, including decentralized applications and self-custody solutions.
A spokesperson indicated that withdrawal functionality is expected to be introduced in the future, though no specific timeline was provided. Until then, users remain confined to holding or trading XRP within the platform.
The development comes as Ripple Labs welcomed the increased access, highlighting that broader availability could help expand adoption and utility of the token. XRP currently ranks among the top cryptocurrencies globally, with a market capitalization near $100 billion.
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