Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain banking and payment 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 offer users bank account-like services, complete with IBAN numbers, and will operate under relevant licenses and regulations. The partnership plans to expand globally, starting with select markets in Europe, Asia, and Latin America, with the goal of serving underbanked populations. The collaboration is expected to enhance Visa's global network by integrating on-chain models while adhering to established regulatory frameworks and reliability standards.