Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a robust on-chain payment and banking system. WeFi's platform acts as a bridge between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. According to Reeve Collins, WeFi's co-founder, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership plans to scale by partnering with additional banks and institutions, targeting underbanked populations.
The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, pending regulatory approvals. Collins noted that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.