Leading California-based fintech company SoFi announced the enabling of XRP deposits to its 13.7 million banking customers. SoFi deals with banking, personal, home, and business loans, investments, credit cards, and mortgages. They also offer an annual percentage yield (APY) on savings with higher yields.
The fintech firm SoFi, enabling XRP deposits, is a major shift from the traditional financial methods of investing. Users can now buy, hold, and sell the altcoin, and also deposit it into their wallets. The development makes Ripple’s altcoin gain wide utility among investors, pushing it to a larger number of tech-savvy users.
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Ripple acknowledged the move and said on X, “More access to XRP with SoFi means more people can participate, and that’s exactly how utility grows.” Apart from XRP, SoFi also announced deposits of other leading cryptocurrencies such as Bitcoin, Ethereum, and Solana.
“We’re excited to now support XRP deposits—along with the most popular coins, like BTC, ETH, and SOL,” wrote SoFi on X. “Manage your portfolio in one app with the first national chartered bank where individuals can buy, sell, and hold crypto,” it read.
XRP Enters SoFi Technology: A New Era in Personal Fintech
SoFi, which enabled XRP deposits, comes under the ambit of the Federal Chartered Banking Institution and operates under the oversight of the Office of the Comptroller of the Currency (OCC). Even Ripple had applied for the same under the OCC and was granted a conditional approval to establish the Ripple National Trust Bank. The move is widely seen to bridge the gap between traditional finance and the blockchain monetary system.
After SoFi’s announcement, XRP climbed above 1% on Wednesday, reaching $1.46. The leading altcoin is now looking to reclaim the $1.50 mark, which it fell to during the Middle East war. It needs to hold on to the momentum to scale from here or risk falling below $1.40 again.
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