Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to create a comprehensive on-chain banking system. WeFi, co-founded by Reeve Collins, aims to bridge the gap between decentralized finance and traditional payment infrastructure. The platform seeks to offer users secure and regulated cross-border transactions and on-chain value storage. According to Collins, the partnership will enable the provision of virtual bank accounts, complete with IBAN numbers, and will operate under relevant licenses and regulatory frameworks worldwide.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates the potential for Visa's global network to interact with on-chain models while maintaining regulatory compliance and reliability.