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, supporting use cases such as cross-border transactions and on-chain value storage.
According to Collins, the platform will offer users 'bank accounts' with IBAN numbers and 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 rollout will depend on local regulatory approvals and partnerships. Collins noted 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, highlighted the collaboration as an example of how Visa's global network interacts with on-chain models within established regulatory frameworks.