Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop on-chain banking services. WeFi, co-founded by Reeve Collins, seeks to bridge the gap between decentralized finance and traditional payment systems. According to Collins, the platform will offer users a comprehensive banking experience, complete with IBAN numbers and necessary licenses to operate globally.
The partnership plans to expand regionally, starting with select markets in Europe, Asia, and Latin America, with the goal of collaborating with more banks and institutions to serve the underbanked population. The rollout will be contingent upon local regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the final stage of developing on-chain banking infrastructure.
Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that the collaboration demonstrates how Visa's global network can interact with blockchain models while maintaining regulatory compliance and reliability.