Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to bridge the gap in on-chain banking services. WeFi, co-founded by Reeve Collins, aims to create a seamless link between decentralized finance and traditional payment systems. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to reach underbanked communities. As stated by Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, the collaboration demonstrates how Visa's network can integrate with on-chain models while adhering to regulatory frameworks and maintaining consumer trust.