Since the beginning of the month, the broad crypto ecosystem has continued to buzz with major milestones, garnering momentum for crypto assets. On Tuesday, November 11, SoFi, a San Francisco–based banking firm, announced the launch of crypto trading services for its users.
Popular media personality and crypto commentator Chad Steingraber has shared the news, sparking discussions and excitement across the crypto community.
XRP army lauds SoFi’s crypto venture
Although XRP has cooled down on its recent rally that saw it record daily surges of over 10%, all hope is still not lost on the future prospect of the asset, as the new development from the U.S.-chartered bank has put the leading altcoin in the spotlight again.
As highlighted by Steingraber, the development will see SoFi begin offering cryptocurrency trading services to allow direct access to cryptocurrencies, including XRP, in the traditional banking system. As such, the move positions the leading altcoin for more adoption, propelling its price for a big rally ahead.
Apparently, the federally chartered bank’s decision to directly venture into crypto trading has come at a time when XRP continues to gain momentum amid surging interest from institutions.
The move has coincided with growing expectations of the spot XRP ETFs this week, especially following increased legal clarity from the U.S. SEC, which has further fortified XRP as an institutional-grade asset.
SoFi as the first U.S. chartered bank to offer crypto trading
Following the move, SoFi has now become the first nationally chartered bank in the U.S. to offer Bitcoin and other crypto trading, including XRP.
While SoFi is renowned for integrating modern digital banking infrastructures into the TradFi ecosystem, its decision to add crypto trading for U.S. users comes as no major surprise.
With the development, SoFi now allows its customers to trade cryptocurrencies directly from their banking accounts, a move that propels crypto adoption toward reaching mainstream appeal.
Following this move, commentators have expressed confidence that leading cryptocurrencies, especially XRP, are set for major price action.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team