Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to facilitate the development of on-chain banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure. According to Collins, the platform will provide users with access to bank accounts, complete with International Bank Account Numbers (IBANs), and will obtain necessary licenses to operate globally.
As the platform expands, WeFi plans to collaborate with additional banks and institutions to cater to the underbanked population. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as a demonstration of Visa's global network interacting with on-chain models within established regulatory frameworks.