Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to bridge the gap in on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that connects decentralized finance with traditional payment infrastructure, 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 plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to cater to the underbanked population. "The partnership with Visa completes the on-chain banking infrastructure," Collins stated. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, added that the collaboration showcases the interaction between Visa's global network and on-chain models, while adhering to regulatory frameworks and ensuring reliability for consumers and merchants.