Visa partners with WeFi to build on-chain banking services

Visa is partnering with blockchain company WeFi to build an on-chain payment and banking infrastructure. WeFi, founded by Tether co-founder Reeve Collins, is a platform that connects decentralized finance (DeFi) with institutional payment networks. The collaboration aims to complete the "last half mile" of on-chain banking. The plan is to provide users with personal International Bank Account Numbers (IBANs) that can be used like traditional bank accounts. The service will launch in Europe, Asia, and South America before expanding to financially underserved populations globally. Visa stated that it aims to demonstrate the integration of on-chain models with its global network within a regulatory framework.