Visa has announced a strategic partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to bridge the gap in on-chain banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that integrates decentralized finance with traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. Collins stated that the platform will provide users with bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to cater to the underbanked population. According to Collins, 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 the interaction between Visa's global network and on-chain models, ensuring regulatory compliance and reliability for consumers and merchants.