Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, a former Tether executive, to establish a comprehensive onchain payment and banking infrastructure. WeFi's platform serves as a bridge between decentralized finance and traditional payment systems, facilitating 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 aims to expand its reach by collaborating with banks and institutions, targeting underbanked populations worldwide. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the final leg of onchain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration showcases the interaction between Visa's global network and onchain models, while adhering to established regulatory frameworks and reliability standards.