ViFi Labs has successfully acquired OneRamp, a prominent stablecoin payment provider, to enhance its presence in the rapidly growing markets of Africa and Latin America, according to HiVisasa.
This strategic acquisition aims to tap into the burgeoning $540 billion annual institutional stablecoin market, positioning ViFi Labs as a key player in the decentralized finance (DeFi) landscape.
OneRamp, founded by Ugandan entrepreneurs Elias Hezron Opio and Jovan Mwesigwa, simplifies stablecoin transactions by enabling direct payments to mobile money platforms and bank accounts.
Currently operational in Kenya, Nigeria, Uganda, and Tanzania, OneRamp serves over 25,000 users and boasts an annual revenue run rate of $1.2 million.
This acquisition allows ViFi Labs to leverage OneRamp’s established infrastructure and customer base, facilitating seamless access to stablecoin payments for everyday transactions.
Tony Olendo, co-founder of ViFi Labs, emphasized the significance of this acquisition:
The OneRamp acquisition will help provide distribution and access to the ViFi protocol at launch. We believe that stablecoins and FX trading venues that are fully on-chain will be the future.
Varoun Hanooman, another co-founder, added:
OneRamp is a source of customer acquisition wherever the markets are being made. ViFi’s goal is to be the best place for market making in the future. But OneRamp is a distribution game. It makes it as easy to access all those venues from a single interface.
The integration of OneRamp into ViFi Labs’ operations is expected to address the challenges of fragmented liquidity and volatile foreign exchange rates that have historically pushed users toward peer-to-peer (P2P) platforms.
By providing a compliant and scalable infrastructure, ViFi Labs aims to formalize stablecoin transactions, enhancing security and transparency in the process.
Additionally, OneRamp is set to become a key payment provider within Coinbase’s new Base ecosystem, further expanding its reach and utility.
This partnership not only positions ViFi Labs for growth in emerging markets but also aligns with broader efforts to embed stablecoin payments within established financial systems.
