WeFi:- From JPMorgan’s launch of its deposit token (JPM) to Visa piloting USDC settlements, the integration of Wall Street with crypto continues at a pace the industry hasn’t seen before. The trend is accelerating across payments, banking, and market infrastructure.
In one of the clearest examples of this shift, Visa’s Global Head of Payments Innovation, Michael Batauev, has exited the company to lead the on-chain bank WeFi (V5). His move underscores how deeply traditional payment executives are now embedding themselves into Web3-native financial platforms.
Visa Head Joins WeFi
WeFi calls itself the world’s first debank – a fully decentralized, blockchain-native bank. WeFi was founded by Tether co-founder Reeve Collins and Exflow co-founder Maksym Sakharov.
It lets users access real financial services – like lending, borrowing, investing, payments, and card spending – directly through blockchain. It works like a crypto-powered neobank, providing both self-custody and custodial wallets, a debit card for spending digital assets, automated investment strategies, and a marketplace of curated Web3 tools.
Users can borrow against their crypto, invest with guided investment paths, monitor AI-assisted tax calculations, and manage everything from yield opportunities to payments in one dashboard. Supported by its WEFI utility token, WeFi aims to seamlessly merge traditional finance functionality with Web3 freedom, making it possible to use crypto in everyday life across 80+ countries.
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Its appointment of Visa’s Innovation Head now aims to build on that KPI. Michael Batauev said after his appointment, ” My role will focus on scaling our payment services, execute strategic initiatives, and expanding partnerships across key markets. Looking forward to collaborating with many of you as we continue to connect traditional finance with the new digital economy.”
Why it matters
This talent shift is happening alongside a wave of institutional moves that are reshaping crypto’s core infrastructure.
Tether, for instance, recently hired two senior precious-metals traders from HSBC. According to the Bloomberg report, Vincent Domien, the bank’s former Global Head of Metals Trading, and Mathew O’Neill, its former Head of Precious Metals Origination for EMEA – as part of its effort to expand gold reserves and metals-trading operations.
In my opinion this is great for the overall growth and success of the stablecoin industry as well as Visa.
Since we started Visa Crypto, we’ve had 5 talented people leave and ultimately become founders of venture backed stablecoin companies bringing real expertise in traditional… https://t.co/dUQNhW20ZY
— Cuy Sheffield (@cuysheffield) October 9, 2025
At the same time, compensation dynamics are pulling more professionals into Web3. A Cointab study of more than 3,000 U.S. job listings shows that candidates moving from Web2 or TradFi into Web3 roles earn, on average, a 32% salary increase.
Thus, that premium explains why senior roles at firms like Circle, Fireblocks, and Polygon can now outbid comparable positions across legacy finance.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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