Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company co-founded by Reeve Collins, a former Tether executive. The collaboration seeks to bridge the gap in on-chain payment and banking services, offering users a more comprehensive and secure experience.
WeFi's platform is designed to facilitate seamless interactions between decentralized finance and traditional payment systems, supporting use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will effectively provide users with bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. As the platform expands, it plans to partner with additional banks and institutions, targeting underbanked populations worldwide.
The rollout will be region-specific, initially focusing on select markets in Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the final leg of on-chain banking infrastructure development.
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.