WeFi Bets On ‘Deobanking’ As Crypto Searches For A Mainstream Foothold
In Brief
WeFi, a “deobank” founded by Maksym Sakharov and Reeve Collins, aims to transform crypto banking into everyday banking with on-chain accounts, stablecoin yields, and mobile-first tools, while navigating regulatory challenges and targeting financial inclusion.
When more than 2,000 people gathered at Bangkok’s Queen Sirikit National Convention Center this June, the spectacle could have passed for a tech rally or even a pop concert. Celebrity appearances, a Guinness World Record certification, and a Ferrari raffle gave the day its headlines. But beneath the theatrics, the deobank WeFi was trying to answer a persistent question: can crypto banking become ordinary banking?
Building a bank on-chain
Founded by Maksym Sakharov and Reeve Collins, one of the original creators of Tether, WeFi calls itself a “deobank”—a decentralized on-chain bank. The pitch is that neobanks, despite their sleek mobile apps, still rely on legacy banking infrastructure. That dependence often means fees, delays, and regulatory bottlenecks inherited from the old system.
WeFi’s model is different. It runs entirely on crypto rails, offering non-custodial accounts, stablecoin-based yields, cards for everyday spending, and even ATM withdrawals. In Sakharov’s words: “We’re not patching the system. We’re rebuilding it on-chain.”
From financial exclusion to mobile-first design
The company’s ambitions stretch beyond early adopters. Roughly 1.4 billion people remain unbanked worldwide, with a large proportion in Asia. Countries like the Philippines and Malaysia illustrate the gap: widespread mobile phone use, but reliance on cash or high-cost remittance channels.
WeFi is targeting that demographic with a mobile-first interface designed to resemble familiar fintech apps. The idea is to lower the learning curve—users manage tokenized fiat and crypto balances through simple tools for payments, savings, and transfers. Behind the scenes, smart contracts handle staking rewards and programmable finance features, but the front end aims to feel straightforward.
Managing compliance while staying decentralized
One of the hardest questions for any crypto banking experiment is regulation. WeFi has pursued what it calls a “distributed licensing strategy.” Its group companies hold a Money Services Business license in Canada, a VASP registration in the Czech Republic,, with additional applications under way in other jurisdictions.
The accounts themselves are non-custodial, meaning users, not the company, control their assets. That distinction reduces the firm’s direct obligations around customer identification. But it does not eliminate regulatory scrutiny. Global authorities are increasingly examining stablecoin yields and DeFi-linked services, areas where WeFi has promised returns as high as 18% on deposits.
The balance between spectacle and strategy
At its Bangkok summit, WeFi secured a Guinness World Record for concurrent YouTube livestream participants—121,348 during a prior event. The recognition was symbolic. In a sector often accused of inflating numbers, having a certified metric mattered. Coupled with a Ferrari raffle and celebrity endorsements, the campaign underscored how much visibility has become part of the battle for legitimacy in crypto finance.
But visibility is not the same as adoption. The challenge now is whether the blend of self-custody, licensing, and consumer-friendly packaging can survive outside the conference stage. Similar promises in the sector have struggled when confronted with regulatory pushback or security lapses.
Toward a decade of “on-chain” banking
Looking ahead, Sakharov and his team describe a ten-year horizon where crypto rails underpin most financial transactions. They foresee mainstream use of high-yield stablecoin accounts, on-chain loans, and programmable payroll systems. WeFi is one of several projects experimenting with the “onchain bank account” model—an approach that combines stablecoins, DeFi protocols, and card networks to create accounts that are auditable, programmable, and interoperable with fiat systems.
Whether those experiments will withstand the practical demands of compliance, user protection, and market volatility remains unresolved. For now, WeFi’s visibility campaign has placed it among the most recognizable efforts to turn blockchain banking from a niche idea into a service familiar to everyday consumers.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
