Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to develop a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, aims to bridge the gap between decentralized finance and traditional payment infrastructure. According to Collins, the platform will provide users with access to bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate worldwide. The partnership plans to expand regionally, starting with markets in Europe, Asia, and Latin America, with the goal of collaborating with more banks and institutions to serve the underbanked population.
The rollout will be contingent upon local regulatory approvals and partnerships. Collins emphasized that the collaboration with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this partnership showcases how Visa's global network can interact with on-chain models while adhering to established regulatory frameworks and maintaining the reliability expected by consumers and merchants.