On Tuesday, Visa (V) announced its collaboration with blockchain-based stablecoin firm WeFi to address the final stages needed for delivering comprehensive onchain payments and banking services. WeFi is a company co-founded by ex-Tether executive Reeve Collins and focuses on bridging decentralized finance (DeFi) with regulated payment systems, facilitating cross-border transactions and secure on-chain storage of value as per their press release.
Collins emphasized in an interview that the initiative involves enhancing existing systems to provide bank-like accounts for users, including IBAN numbers, while securing necessary global licenses. The platform’s expansion strategy includes forming alliances with additional banks and institutions targeting underserved populations worldwide, according to Collins.
The implementation will commence regionally, beginning with select markets in Europe, Asia, and Latin America, expanding further based on regulatory clearances and partnership agreements. According to Collins, the collaboration with Visa completes the crucial final stage of building onchain banking infrastructure.
Mathieu Altwegg, Head of Product & Solutions in Europe for Visa, stated that this partnership illustrates how Visa’s global network can integrate with onchain models while adhering to existing regulatory standards and maintaining consumer reliability.