SoFi adds XRP deposits but users criticize lack of external wallet transfers

SoFi Crypto has added support for XRP deposits, the company said Tuesday.

However, some users seemed less than impressed with the move, criticizing SoFi for not allowing its clients to withdraw their crypto to external wallets.

"XRP withdrawals aren't allowed by SoFi. It's basically only a spot ETF," Dan Thurman posted to X. "Does nothing to help the XRP ecosystem, it only acts as a centralized financial vehicle."

A post from SoFi's support page confirms that the crypto platform does not permit transfers to outside wallets. The ability to withdrawal digital assets, however, will soon be available, a SoFi spokesperson told The Block Tuesday.

SoFi did not immediately respond to a request for comment.

Last November, SoFi said it became the "first and only" nationally chartered bank to launch crypto trading.

The company recorded its first billion-dollar revenue quarter in Q4 of last year, and last month it partnered with Mastercard to use its SoFiUSD stablecoin to settle card payments across Mastercard’s network.

Ripple, the chief contributor of the XRP Ledger — of which XRP is the native token — celebrated the move on social media: "More access to XRP with SoFi means more people can participate, and that's exactly how utility grows," the company said.

XRP is the fourth-largest cryptocurrency with a market cap of roughly $100 billion, according to The Block Price Page.

UPDATED with SoFi comment on ability to withdrawal digital assets.