Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to develop a comprehensive on-chain banking and payment system. WeFi's platform serves as a bridge between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain asset storage.
According to Reeve Collins, WeFi's co-founder, the platform will offer users bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership aims to expand its reach by collaborating with banks and institutions, targeting underbanked populations.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals. Collins emphasized that the partnership with Visa completes the final leg of on-chain banking infrastructure development. 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 while adhering to regulatory frameworks and reliability standards.