Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop robust on-chain payment and banking services. WeFi, co-founded by Reeve Collins, aims to bridge the gap between decentralized finance and traditional payment systems. According to Collins, the platform will offer users 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, with the goal of serving underbanked populations. The collaboration will enable Visa's global network to interact with on-chain models while adhering to regulatory frameworks and maintaining consumer trust.