Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a robust on-chain payment and banking system. WeFi, co-founded by Reeve Collins, seeks to bridge the gap between decentralized finance and traditional payment infrastructure. Collins envisions providing users with virtual bank accounts, complete with IBAN numbers, and obtaining necessary licenses to operate globally. The platform plans to scale by partnering with banks and institutions, targeting underbanked populations.
The rollout will occur regionally, starting in Europe, Asia, and Latin America, pending regulatory approvals. According to Collins, the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlights the collaboration as a demonstration of Visa's global network interacting with on-chain models within established regulatory frameworks.