SoFi Adds XRP Deposit Support but Restricts Withdrawals to External Wallets

Gate News message, April 22 — SoFi Crypto added XRP deposit support to its platform on April 21, but the launch drew user backlash over the bank’s continued restriction on withdrawing crypto to external wallets. According to SoFi’s support materials, users can transfer crypto assets from external wallets into SoFi Crypto, but cannot currently withdraw crypto to external wallets. Non-USDC crypto holdings must be sold before cash proceeds can be transferred to SoFi Checking or Savings accounts.

The restriction sparked criticism from the XRP community. Critic Dan Thurman (@MotiveXRP) argued that XRP withdrawals are not allowed by SoFi, describing the offering as “basically only a spot ETF” that “does nothing to help the XRP ecosystem.” In contrast, Ripple (@Ripple) framed the addition positively on April 21, stating that “more access to $XRP with @SoFi means more people can participate, and that’s exactly how utility grows.”

SoFi charges a flat 1% transaction fee on crypto buy and sell orders, but does not charge a fee to receive crypto deposits. A SoFi spokesperson confirmed that external digital-asset withdrawals are coming soon. Before XRP was added, SoFi Crypto supported 11 cryptocurrencies for deposits—including BTC, ETH, USDC, LINK, SHIB, UNI, AAVE, POL, LDO, FLOKI, and SOL—with 27 cryptocurrencies available for trading overall.