Visa has announced a strategic partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a robust on-chain banking and payment system. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure. The goal is to provide users with seamless cross-border transactions and on-chain value storage.
According to Collins, the platform will essentially offer bank accounts to users, complete with IBAN numbers, and will obtain necessary licenses to operate globally. As the platform expands, it plans to collaborate with more banks and institutions to cater to the underbanked population. The rollout will be phased, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals. Collins emphasized that the partnership with Visa completes the final leg of on-chain banking infrastructure.
Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that this collaboration demonstrates how Visa's global network can interact with on-chain models while adhering to established regulatory frameworks and reliability standards.