Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to develop a robust on-chain payment and banking system. WeFi, co-founded by Reeve Collins, aims to bridge the gap between decentralized finance and traditional payment systems. According to Collins, the platform will offer users bank account-like services, complete with IBAN numbers, and will operate under relevant licenses and regulations.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to cater to the underbanked population. The rollout will be contingent upon local regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure, while Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, highlighted the collaboration as a demonstration of how Visa's global network interacts with on-chain models within established regulatory frameworks.