Visa has announced a partnership with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to develop the final components necessary for providing users with secure 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.
According to Collins, the platform will offer users bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The plan is to scale the platform by partnering with additional banks and institutions, targeting the world's underbanked populations. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as a demonstration of Visa's network interacting with on-chain models within established regulatory frameworks.