๐Ÿ“ฐ ใ€Visa and WeFi Partner to Launch On-Chain Payments and Banking Servicesใ€‘


BlockBeats reports that on April 28, Visa announced it is partnering with WeFi, a blockchain-based stablecoin infrastructure company, to help bridge the โ€œlast mileโ€ that enables users to enjoy robust on-chain payments and banking services. WeFi was founded by Reeve Collins, a former co-founder of Tether. WeFi describes its platform as โ€œa coordination layer between decentralized finance (DeFi) and regulated payment infrastructure, designed to support use cases such as cross-border spending and on-chain value storage.โ€ Collins said in an interview: โ€œWe are upgrading the underlying pipelines, and essentially providing people with bank accounts, because they will soon have their own IB...

Another major player is jumping in to ride the stablecoin boom. Visaโ€™s move is nothing more than taking a shine to WeFiโ€™s compliant, DeFi-based underlying setup. Packaging cross-border payments as on-chain banking services is, in essence, still the same centralized custody model. Donโ€™t be fooled by the โ€œlast mileโ€ talkโ€”this is a world away from true decentralized finance. When traditional finance giants enter, it can only make this space less interesting and more centralized.

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