Visa ( V ) is working with blockchain-based stablecoin infrastructure firm WeFi to help establish the “last half mile” that can provide users with robust onchain payments and banking services, the companies said Tuesday.
Co-founded by former Tether OG Reeve Collins, WeFi 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 upgrading the plumbing and essentially offering people bank accounts because they’re going to have their IBAN numbers soon, and we’re getting the different licenses around the world working properly,” Collins said in an interview.
As the platform scales, the plan is to partner with more banks and institutions to subbank the world, Collins said.
The rollout will take place region by region, starting with select markets in Europe, Asia and Latin America. Expansion into additional markets will depend on local regulatory approvals and issuing partnerships.
“The partnership with Visa really closes the last half mile of onchain 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 consumers and merchants expect,” said Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, in a statement.
