Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop on-chain banking services. WeFi, co-founded by Reeve Collins, aims to bridge the gap between decentralized finance and traditional payment systems.
Collins envisions a platform that offers users bank accounts with IBAN numbers, supported by necessary licenses and regulatory approvals. The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to reach underbanked communities.
According to Collins, the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, notes that the collaboration demonstrates how Visa's network can interact with on-chain models while adhering to regulatory frameworks and reliability standards.