Visa and WeFi collaborate to launch on-chain payments and banking services

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BlockBeats News, April 28 — Visa announced that it is partnering with blockchain-based stablecoin infrastructure company WeFi to help bridge the “last mile” that provides users with robust on-chain payments and banking services. WeFi was co-founded by former Tether co-creator Reeve Collins. WeFi describes its platform as “a coordination layer between decentralized finance (DeFi) and regulated payment infrastructure, aimed at supporting use cases such as cross-border consumption and on-chain value storage.”

In an interview, Collins said, “We are upgrading the underlying pipelines and essentially providing people with bank accounts because they will soon have their own IBAN numbers, and we are also obtaining the relevant operating licenses around the world.” Collins stated that as the platform scales, it plans to collaborate with more banks and institutions, focusing on populations lacking banking services globally. The rollout will be conducted in phases by region, initially launching in select markets in Europe, Asia, and Latin America. Expansion into other markets will depend on local regulatory approval and partnerships with issuers.

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