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, offers a platform that integrates decentralized finance with traditional payment systems, facilitating cross-border transactions and on-chain value storage.
According to Collins, the partnership seeks to provide underbanked individuals with access to robust banking services, including IBAN numbers, by obtaining necessary licenses and partnering with institutions globally. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon regulatory approvals and partnerships. Collins emphasized 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 global network interacting with on-chain models within established regulatory frameworks.