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 infrastructure.
According to Collins, the platform will offer users bank accounts and IBAN numbers, with the goal of obtaining necessary licenses to operate globally. The partnership plans to scale by collaborating with banks and institutions, targeting underbanked populations. The rollout will occur regionally, starting in Europe, Asia, and Latin America, pending regulatory approvals.
Collins believes the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, sees the collaboration as a demonstration of how Visa's network interacts with on-chain models within established regulatory frameworks.