Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, to establish a robust on-chain payment and banking infrastructure. WeFi's platform serves as a bridge between decentralized finance and traditional payment systems, enabling 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 collaborate with additional banks and institutions to reach underbanked populations.
The collaboration is expected to enhance the on-chain banking infrastructure, leveraging Visa's global network while adhering to regulatory frameworks and ensuring consumer and merchant reliability.