Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company co-founded by Reeve Collins, a former Tether executive. The goal of this collaboration is to establish a comprehensive on-chain payment and banking infrastructure, particularly for underserved populations.
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 plans to expand its reach by collaborating with additional banks and institutions, targeting underbanked regions. 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 on-chain banking infrastructure development. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that this collaboration demonstrates the compatibility of Visa's global network with on-chain models, ensuring reliability and compliance with regulatory frameworks.