Visa has announced a collaboration with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an intermediary platform connecting decentralized finance (DeFi) with traditional regulated payment systems, facilitating cross-border transactions and on-chain value storage. According to Collins, the partnership will enable the provision of virtual bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally.
The platform plans to expand its services through partnerships with 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.