Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop on-chain banking services. WeFi, co-founded by Reeve Collins, aims to bridge the gap between decentralized finance and traditional payment infrastructure. Collins stated that the platform will offer users bank accounts 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 collaborate with local banks and institutions to reach underbanked populations.
According to Collins, the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that the collaboration demonstrates how Visa's global network interacts with on-chain models while adhering to regulatory frameworks and reliability standards.