SoFi Crypto Adds XRP, But Withdrawal Restrictions Remain

SoFi Crypto has begun accepting XRP deposits on its platform, but users are pointing out that withdrawals to external wallets remain blocked. The move extends SoFi's asset list, which includes assets like the SoFiUSD stablecoin, and follows a partnership with Mastercard to use its stablecoin for settling card payments.

The restriction on wallet withdrawals has raised questions about the utility of XRP on the platform, with some users suggesting that it limits its potential as a decentralized asset. 'XRP withdrawals aren't allowed by SoFi,' wrote user Dan Thurman on social media, 'It's basically only a spot ETF.'

Ripple, the primary contributor to the XRP Ledger, welcomed the listing despite the custody limitations, saying 'More access to XRP with SoFi means more people can participate, and that's exactly how utility grows.'