Visa (V) is working with blockchain-based stablecoin infrastructure company WeFi, to help establish the “last half mile” that can provide users with robust on-chain payments and banking services, the companies announced Tuesday.
WeFi, co-founded by former Tether OG Reeve Collins, describes its platform as “an orchestration layer between decentralized finance (DeFi) and regulated payments infrastructure, designed to support use cases such as cross-border spending and on-chain value storage,” according to a press release.
“We’re modernizing the plumbing and basically offering bank accounts to individuals, because they’ll have their IBAN number soon, and we’re making the different licenses around the world work properly,” Collins said in an interview.
As the platform evolves, the plan is to partner with more banks and institutions, with an eye toward reaching the world’s underbanked, Collins said.
The rollout will take place region by region, starting with selected markets in Europe, Asia and Latin America. Expansion into additional markets will be dependent on local regulatory approvals and emissions partnerships.
“The partnership with Visa really closes out that last half mile of on-chain banking infrastructure,” Collins said.
“This collaboration demonstrates how Visa’s global network interacts with onchain models, while operating within established regulatory frameworks and the reliability expected by consumers and merchants,” said Mathieu Altwegg, head of products and solutions in Europe at Visa, in a statement.
