Visa has announced a partnership with WeFi, a blockchain-based stablecoin firm, to establish 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 infrastructure. The platform will provide users with secure banking services, including IBAN numbers, and will operate under relevant licenses and regulatory frameworks.
The partnership will initially focus on select markets in Europe, Asia, and Latin America, with plans to expand to other regions pending regulatory approvals. According to Collins, the collaboration with Visa completes the 'last half mile' of on-chain banking infrastructure, enabling the underbanked to access financial services. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that the partnership demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.