Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to bridge the gap in providing users with secure on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an interoperability layer between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership aims to expand its reach by partnering with banks and institutions, focusing on underserved communities. The rollout will commence in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals.
Collins emphasized that the partnership with Visa completes the final stage of developing on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates how Visa's global network can interact with blockchain models while adhering to established regulatory frameworks and reliability standards.