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, a former Tether executive, provides an interface between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will offer users bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership aims to expand the reach of banking services to underbanked populations, starting with select markets in Europe, Asia, and Latin America. The rollout will be phased, with further expansion dependent on regional regulatory approvals and partnerships.
Collins emphasized that the collaboration with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the partnership's potential to integrate on-chain models with Visa's global network, ensuring reliability and compliance with regulatory frameworks.