Visa has announced a collaboration with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to bridge the gap in providing on-chain banking and payment services. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional regulated payment systems, supporting use cases such as cross-border transactions and on-chain value storage. According to Collins, the goal is to provide users with essentially bank accounts, complete with IBAN numbers, while obtaining necessary licenses to operate globally.
The platform plans to expand its reach by partnering with banks and institutions, focusing on the underbanked population. The rollout will be phased, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as a demonstration of how Visa's network interacts with on-chain models within established regulatory frameworks.