Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to create a comprehensive on-chain payment and banking solution. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform 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 provide users with bank account-like services, including IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership aims to reach underbanked populations by scaling the platform and partnering with banks and institutions. The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, pending regulatory approvals and partnerships.
Collins notes that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlights the collaboration as a demonstration of Visa's global network interacting with on-chain models within established regulatory frameworks.