Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain payment and banking system. WeFi's platform serves as an intermediary between decentralized finance and traditional payment infrastructure, facilitating use cases such as cross-border transactions and on-chain value storage.
According to Reeve Collins, co-founder of WeFi, the platform will provide users with bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally. The partnership with Visa is expected to complete the final stage of on-chain banking infrastructure development.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that this collaboration showcases the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks to ensure reliability for consumers and merchants.