SoFi Adds XRP Deposits with No External Wallet Transfers

SoFi Technologies, a nationally chartered U.S. bank, announced on April 21, 2026, that it now supports deposits of XRP, the native token of the XRP Ledger, allowing users to hold and trade it alongside major cryptocurrencies like Bitcoin, Ethereum, and Solana within its regulated platform. The move expands access to XRP for SoFi's 13.7 million customers but has drawn criticism for restricting transfers to external wallets, leaving users unable to move their holdings off the app.

The announcement positions SoFi as one of the few federally regulated banks offering comprehensive XRP services, including buying, selling, storing, and depositing, all integrated with everyday banking functions such as bill payments and account management. Users can deposit 12 cryptocurrencies, including XRP, into FDIC-insured accounts, while trading is available for 27 assets. SoFi emphasized the convenience of managing portfolios in a single application, stating it is excited to support XRP deposits with popular coins like Bitcoin, Ethereum, and Solana. However, the platform's policy prohibits withdrawals to outside wallets, a detail confirmed on its support page that has fueled user backlash.