Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to develop the final leg of on-chain banking services, providing users with seamless payments and financial solutions. WeFi, co-founded by Reeve Collins, a former Tether executive, positions 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 virtual bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally. The partnership with Visa will enable WeFi to expand its reach, initially targeting select markets in Europe, Asia, and Latin America, with plans to partner with additional banks and institutions to serve the underbanked population.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this partnership demonstrates how Visa's global network can interact with blockchain models while adhering to established regulatory frameworks and reliability standards.