In a collaborative effort, Visa is joining forces with WeFi, a blockchain-based stablecoin infrastructure provider, to bridge the gap in on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain value storage.
Collins envisions the platform providing users with bank accounts, complete with IBAN numbers, and obtaining necessary licenses for global operation. The partnership plans to expand its reach by partnering with banks and institutions, targeting underbanked populations worldwide. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals.
According to Collins, the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, notes that the collaboration demonstrates the compatibility of Visa's global network with on-chain models, ensuring reliability and adherence to regulatory frameworks.