Visa has announced a partnership with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to establish a comprehensive on-chain banking and payment 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 operate under relevant licenses and regulatory frameworks. The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with additional banks and institutions to reach underbanked communities globally. The rollout will be contingent upon local regulatory approvals and partnerships.
Collins emphasized that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as an example of Visa's network interacting with on-chain models within established regulatory frameworks.