Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to establish a robust on-chain payment and banking system. WeFi, co-founded by Reeve Collins, provides an intermediary platform 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 will obtain necessary licenses to operate globally.
The partnership plans to scale by collaborating with banks and institutions, targeting underbanked populations. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals.
Collins noted that the partnership with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration demonstrates how Visa's global network can interact with blockchain models while maintaining regulatory compliance and reliability.