Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, to establish a comprehensive on-chain payment and banking system. WeFi's platform acts as a bridge between decentralized finance and traditional payment infrastructure, supporting cross-border transactions and on-chain value storage.
According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership plans to expand regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals. Collins noted that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, stated that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.