Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to provide users with robust on-chain payment and banking services. WeFi's platform serves as a bridge between decentralized finance and traditional payment infrastructure, supporting use cases such as cross-border transactions and on-chain value storage.
According to Reeve Collins, WeFi's co-founder, the platform will offer users bank accounts and IBAN numbers, with the goal of partnering with more banks and institutions to serve the underbanked population. The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, pending local regulatory approvals. The partnership with Visa is expected to complete the on-chain banking infrastructure, demonstrating how Visa's global network interacts with blockchain models within established regulatory frameworks.