ViFi Labs Expands African Footprint with OneRamp Acquisition
ViFi Labs, a developer of decentralized finance (DeFi) technology focused on stablecoin and foreign currency trading, has announced the acquisition of OneRamp, an African stablecoin payment platform. This strategic move significantly strengthens ViFi Labs’ presence in the rapidly growing African digital economy, making stablecoins more accessible and user-friendly across the continent and Latin America. This acquisition aligns with ViFi Labs’ vision of providing accessible financial tools through decentralized platforms.
Boosting Stablecoin Adoption in Africa
OneRamp, founded by Ugandan entrepreneurs Elias Hezron Opio and Jovan Mwesigwa, streamlines stablecoin transactions by enabling users to directly deposit into their mobile money wallets or bank accounts. Operating in key African markets like Kenya, Nigeria, Uganda, and Tanzania, OneRamp has already amassed a user base exceeding 25,000 and processes approximately $1.2 million in annual transactions. This innovative approach significantly enhances the practical utility of stablecoins, enabling their use for everyday transactions such as retail purchases, remittances, and savings. This direct integration allows African users to circumvent the traditional complexities often associated with crypto, potentially driving broader adoption and financial inclusion.
This acquisition represents a significant step forward for both companies and the broader African fintech landscape, signaling growing confidence in the potential of stablecoins to transform the way people manage money in the region. The integration of ViFi Labs’ technology with OneRamp’s established infrastructure should further accelerate this trend, creating new opportunities for financial empowerment across Africa.
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