Visa is collaborating with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a robust on-chain payment and banking network, particularly for the underbanked population. WeFi's platform serves as a bridge between decentralized finance and traditional payment systems, enabling cross-border transactions and digital asset storage.
The company's co-founder, Reeve Collins, envisions providing users with virtual bank accounts, complete with International Bank Account Numbers (IBANs), and obtaining necessary licenses to operate worldwide. As the platform expands, WeFi plans to forge partnerships with banks and institutions, targeting underserved markets. The rollout will commence in select European, Asian, and Latin American regions, with further expansion contingent upon local regulatory approvals.
According to Collins, the partnership with Visa completes the final leg of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration showcases the compatibility of Visa's global network with blockchain models, while adhering to established regulatory frameworks and reliability standards.