Folks Finance Partners With Licensed VASP to Launch Regulated CeDeFi App
Folks Finance, a cross-chain DeFi protocol, has teamed up with a licensed VIRTUAL Asset Service Provider (VASP) in Georgia to introduce a regulated CeDeFi mobile application. The app targets both retail and institutional users, offering compliance-ready features such as KYC verification, digital asset custody, and debit cards backed by on-chain collateral.
The new platform will operate independently from Folks Finance's existing protocol, gradually integrating services like custody and debit cards while maintaining selective access to permissionless DeFi infrastructure. "Our mission is practical openness—bringing DeFi's benefits without compromising compliance," a spokesperson noted. The partnership marks one of the first efforts by a DeFi protocol to collaborate with a licensed VASP, balancing decentralization with regulatory safeguards.