Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to develop on-chain banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment systems. The goal is to provide users with seamless on-chain payment and banking services.
Collins envisions the platform offering virtual bank accounts, complete with IBAN numbers, and obtaining necessary licenses to operate globally. As the platform expands, WeFi plans to collaborate with additional banks and institutions to cater to the underbanked population.
The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, pending regulatory approvals and partnerships. According to Collins, the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlights the collaboration as a demonstration of Visa's global network interacting with on-chain models within established regulatory frameworks.