Visa Partners with WeFi to Launch On-Chain Payment and Banking Services

BlockBeats News, April 28th, Visa announced that it is partnering with the blockchain-based stablecoin infrastructure company WeFi to help bridge the "last mile" that can provide users with robust on-chain payments and banking services. WeFi was co-founded by former Tether co-founder Reeve Collins. WeFi describes its platform as "a coordinating layer between decentralized finance (DeFi) and regulated payment infrastructure designed to support use cases such as cross-border consumption and on-chain value storage."

In an interview, Collins stated: "We are upgrading the underlying pipes and effectively giving people a bank account, as they will soon have their own IBAN number, and we are acquiring the necessary operational licenses globally." Collins mentioned that as the platform scales, they plan to collaborate with more banks and institutions and target populations globally that lack access to banking services. This rollout will be done region by region, starting from select markets in Europe, Asia, and Latin America. Expansion to other markets will depend on local regulatory approvals and issuer relationships.