Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to develop a comprehensive onchain banking and payment system. WeFi's platform serves as an intermediary between decentralized finance and traditional payment infrastructure, facilitating use cases such as cross-border transactions and digital asset storage. According to Reeve Collins, co-founder of WeFi, the platform will offer users virtual bank accounts, complete with International Bank Account Numbers (IBANs), and will obtain necessary licenses to operate globally. As the platform expands, WeFi plans to partner with additional banks and institutions to cater to the underbanked population.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. The partnership with Visa is expected to complete the onchain banking infrastructure, enabling seamless interaction between Visa's global network and blockchain-based models while adhering to established regulatory frameworks and reliability standards.