Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to bridge the gap in providing on-chain banking services. WeFi, co-founded by Reeve Collins, aims to create an interface between decentralized finance and traditional payment infrastructure, 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 plans to expand regionally, starting with Europe, Asia, and Latin America, and will eventually collaborate with more banks and institutions to cater to the underbanked population.
The collaboration is expected to enhance Visa's global network and provide a reliable on-chain banking infrastructure, while adhering to regulatory frameworks and consumer expectations.