Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, to establish a comprehensive on-chain payment and banking system. WeFi's platform serves as a bridge 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 operate under relevant licenses and regulatory frameworks. The partnership aims to expand globally, with an initial focus on Europe, Asia, and Latin America, and will involve collaborations with local banks and institutions to reach underbanked populations. The rollout will be phased, with expansion into new markets contingent upon local regulatory approvals and partnerships.
Collins emphasized that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure, while Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that the collaboration demonstrates the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks to ensure reliability and trust for consumers and merchants.