Visa has announced a partnership with WeFi, a company specializing in blockchain-based stablecoin infrastructure, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an intermediary platform between decentralized finance and traditional payment systems, facilitating use cases such as cross-border transactions and on-chain asset storage.
According to Collins, the platform will offer users virtual bank accounts, complete with International Bank Account Numbers (IBANs), and will obtain necessary licenses to operate globally. As the platform expands, it plans to collaborate with additional banks and institutions to serve the underbanked population. The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals and partnerships.
Collins emphasized that the partnership 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 collaboration demonstrates the compatibility of Visa's global network with on-chain models, while ensuring adherence to established regulatory frameworks and reliability standards.