SoFi Adds XRP but Blocks Wallet Withdrawals

XRP News

SoFi Crypto began accepting XRP deposits on Tuesday, the company

. The move extends the asset list on a platform that SoFi has positioned as the first nationally chartered U.S. bank to offer crypto trading. However, the update did not change the platform's policy on external wallet transfers, which remain blocked.

Users reacted on social media, pointing to the withdrawal restriction as a significant limitation. "XRP withdrawals aren't allowed by SoFi. It's basically only a spot ETF," X user Dan Thurman

. He added that the setup "does nothing to help the XRP ecosystem" and functions as a centralized financial vehicle rather than a true crypto platform.

A SoFi support page confirms that the platform does not permit transfers to outside wallets. No timeline has been provided for when, or whether, that policy will change. SoFi did not respond to a request for comment.

Ripple, the primary contributor to the XRP Ledger, welcomed the listing regardless of the custody limitations. "More access to XRP with SoFi means more people can participate, and that's exactly how utility grows," Ripple wrote on social media. The XRP Ledger is the blockchain on which XRP operates as the native token.