SAN FRANCISCO—Visa said it is partnering with blockchain-based stablecoin infrastructure firm WeFi to help build what the companies describe as the “last half mile” of onchain payments and banking services, according to a statement from Visa.
The collaboration is aimed at connecting decentralized finance (DeFi) systems with traditional, regulated payment networks, enabling users to access services such as cross-border payments and digital asset storage through more familiar financial infrastructure, Visa said.
WeFi, co-founded by former Tether executive Reeve Collins, describes its platform as an orchestration layer linking DeFi applications with regulated payment rails. The company said the goal is to enable users to interact with blockchain-based financial services while maintaining compliance with global financial regulations.
“We’re upgrading the plumbing and offering essentially people bank accounts, because they’ll soon have their IBAN numbers, and we’re getting the various licenses around the world to operate appropriately,” Collins said, according to Visa.
Additional Partnerships Planned
As the platform expands, WeFi plans to partner with additional banks and financial institutions, with a focus on serving underbanked populations globally, Collins said.
The rollout will occur in phases, beginning with select markets in Europe, Asia and Latin America. Further expansion will depend on regulatory approvals and partnerships with local issuing institutions, according to Visa.
Collins said the partnership with Visa “really closes that last half mile of onchain banking infrastructure.”
Mathieu Altwegg, head of product and solutions in Europe at Visa, said the collaboration highlights how Visa’s global payments network can integrate with blockchain-based models while maintaining regulatory compliance.
