Visa has announced a strategic partnership with WeFi, a blockchain-based stablecoin infrastructure company, to establish a robust on-chain payment and banking infrastructure. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain value storage.
According to Collins, 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 scale by collaborating with banks and institutions, targeting the underbanked population. 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 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.