The leading fintech firm SoFi, based in California, announced that its 13,7 million banking clients can now deposit XRP. The company offers personal, business, and home loans as well as investments, credit card and mortgages. The company also offers a high-yielding annual percentage yield on their savings.
Fintech company SoFi has enabled XRP deposit, which is a significant shift in the way traditional methods of investment are done. Now, users can buy, sell, or hold the altcoin and deposit it in their wallet. This development allows Ripple’s altcoin to gain widespread utility with investors and pushes it towards a greater number of tech-savvy consumers.
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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.” SoFi has also made deposits for other popular cryptocurrencies like Bitcoin, Ethereum, Solana, etc.
“We’re excited to now support XRP deposits—along with the most popular coins, like BTC, ETH, and SOL,” SoFi is a program that allows you to write on X. “Manage your portfolio in one app with the first national chartered bank where individuals can buy, sell, and hold crypto,” You can read it.
XRP and SoFi: A new era of personal Fintech
SoFi is a Federal Chartered Banking Institution that operates under the Office of the Comptroller of the Currency’s (OCC) oversight. Ripple also applied under the OCC for the same and received a conditional permission to set up the Ripple Trust Bank. This move has been widely viewed as a way to bridge the divide between the traditional financial system and blockchain-based monetary systems.
XRP climbed to $1.46 on Wednesday after SoFi made its announcement. It is now aiming to reach the $1.50 threshold, where it dropped during the Middle East conflict. The altcoin must maintain momentum in order to continue scaling or else risk dropping below $1.40 once again.
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Source: watcher.guru
