Visa has announced a collaboration with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to create a robust on-chain payment and banking network. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an 'orchestration layer' that connects decentralized finance with traditional payment systems, facilitating use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will eventually partner with more banks to serve underbanked populations. 'This partnership with Visa completes the final stage of our on-chain banking infrastructure,' Collins stated. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, added that the collaboration showcases how Visa's global network can interact with on-chain models while adhering to regulatory frameworks and maintaining consumer and merchant trust.