Visa has announced a partnership with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to establish a comprehensive on-chain banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment systems, 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 reach underbanked communities. The rollout will be contingent upon regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, emphasized the collaboration's potential to integrate on-chain models with Visa's global network, ensuring reliability and compliance with regulatory frameworks.