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, has developed a platform that integrates decentralized finance with traditional payment systems, facilitating cross-border transactions and on-chain value storage.
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 its reach by partnering with additional banks and institutions, focusing on underbanked regions.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local 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.