Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to create a comprehensive on-chain payment and banking network. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain value storage.
According to Collins, the platform will provide users with virtual bank accounts, 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 additional banks and institutions to reach underbanked populations.
The rollout will be contingent upon local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.