Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, a former Tether executive. The collaboration seeks to bridge the gap in onchain payments and banking services, particularly for underserved populations. WeFi's platform is designed to facilitate seamless interactions between decentralized finance and traditional payment systems, enabling use cases such as cross-border transactions and onchain 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 contingent upon local regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the 'last half mile' of onchain banking infrastructure, while Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, highlighted the collaboration as a demonstration of how Visa's global network can interact with blockchain models while adhering to regulatory frameworks and reliability standards.