Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to bridge the gap in on-chain banking services. WeFi's platform serves as an intermediary between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage.
According to Reeve Collins, co-founder of WeFi, the goal is to offer users a comprehensive banking experience, complete with IBAN numbers and necessary licenses to operate globally. As the platform expands, WeFi plans to collaborate with additional banks and institutions to cater to the underbanked population.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the partnership demonstrates the intersection of Visa's global network with on-chain models, ensuring compliance with established regulatory frameworks and reliability standards.