Visa has announced a partnership with WeFi, a blockchain-based firm co-founded by Reeve Collins, a former Tether executive, to establish a comprehensive on-chain payment and banking system. WeFi's platform serves as a bridge between decentralized finance and traditional payment infrastructure, supporting use cases such as cross-border transactions and on-chain asset storage. According to Collins, the platform will provide users with bank accounts, including IBAN numbers, and will obtain necessary licenses to operate globally. The partnership plans to expand its services regionally, starting with Europe, Asia, and Latin America, and will collaborate with additional banks and institutions to reach underbanked populations.
"The partnership with Visa completes the final leg of on-chain banking infrastructure," Collins stated. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's global network interacts with on-chain models while adhering to regulatory frameworks and ensuring reliability for consumers and merchants.