Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure company, to create a robust on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an intermediary platform between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain value storage.
According to Collins, the partnership will provide users with bank account-like services, including IBAN numbers, and will operate under various licenses worldwide. The plan is to expand the platform by partnering with more banks and institutions, targeting underbanked populations globally. The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, pending regulatory approvals and partnerships.
Collins stated that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's network interacts with on-chain models within established regulatory frameworks, ensuring reliability for consumers and merchants.