Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to develop on-chain banking and payment services. WeFi, co-founded by Reeve Collins, aims to bridge the gap between decentralized finance and traditional payment infrastructure. The platform will provide users with robust on-chain payment and banking services, including access to IBAN numbers and necessary licenses to operate globally.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to reach underbanked populations. According to Collins, 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 can interact with on-chain models while maintaining regulatory compliance and reliability.