WeFi is a private financial technology company that operates a “deobank” – a decentralized on-chain banking platform offering self-custodial cryptocurrency wallets along with card payment and yield-generating services. ^{[1] [4]}

Overview

Founded in 2024 by entrepreneur Maksym Sakharov and Tether co-founder Reeve Collins, the company targets users seeking a global alternative to traditional banking systems. ^[5]

According to its documentation, WeFi's ultimate goal is to become the foundational layer upon which other financial services, both crypto and fiat, are built. A key quote from the project's vision statement outlines this ambition:

"At WeFi, we believe that having access to the global economy is a fundamental right. We envision a future where everyone can assert their Financial Freedom through a secure, accessible, compliant and fair financial system, no matter where they live or how wealthy they are."

The platform's strategy is centered on providing tangible, real-world value rather than speculative incentives, as highlighted in another statement:

"Unlike airdrops and marketing gimmicks, WeFi has created an ecosystem where users can earn by actively participating." ^[2]

History

The founders have stated that WeFi’s mission is to provide full-control, self-custodial financial tools to the world’s unbanked population – an estimated 1.4 billion adults without access to traditional banking. ^{[1] [2]}

After a closed beta in late 2024, WeFi launched the first public version of its deobank app for general sign-ups in early 2025.

In June 2025, the company organized the Beyond Banking Summit in Bangkok, an event focused on digital finance and blockchain banking that reportedly drew over 2,000 attendees. The summit featured presentations by the WeFi team and included Mike Tyson as a guest speaker. ^[6]

Licensing & global reach (2022–2025)

WeFi built its deobank model on a multi-jurisdictional licensing framework to ensure regulatory compliance. In Canada, the company is registered as a Money Services Business with FINTRAC for fiat payment services. ^[7]

In Europe, it obtained a Virtual Asset Service Provider (VASP) license in the Czech Republic for crypto exchange operations, as well as an Electronic Money Institution (EMI) license enabling the issuance of digital money across the EU. ^[8]

Its decentralized finance infrastructure is powered via a Hong Kong entity (Nordpal Holding Limited), which provides the on-chain DeFi technology layer for the platform. This structure enables WeFi to blend traditional banking functions with decentralized finance under clear regulatory oversight, a strategy that has supported its expansion since the public launch in 2025. ^[9]

Technology

The WeFi ecosystem is built upon a combination of a permissioned blockchain, an AI-driven data analysis platform, and a model for user data control. These components are designed to work together to provide a secure, compliant, and efficient infrastructure for financial applications. ^[2]

WeChain

WeChain is the proprietary permissioned blockchain that serves as the backbone of the WeFi ecosystem. It is built using the Cosmos framework and utilizes both Layer 1 (L1) and Layer 2 (L2) solutions to manage scalability and performance. As a permissioned network, it controls which participants can join and perform certain actions, a design choice intended to facilitate integration with regulated entities like banks, fintech companies, and government regulators. ^[2]

The architecture of WeChain is designed to support a network of decentralized applications (DApps). It allows for the deployment of local nodes that can process country-specific data in compliance with local regulations while remaining connected to the global network. The ecosystem encourages participation by allowing any entity, from individuals to large businesses, to deploy a validator node on WeChain. These validators can operate their own services using pre-designed "blueprints" provided by WeFi, lowering the barrier to entry for building financial applications on the platform. ^[2]

AI-Powered Regulatory & Security Platform

A core component of WeFi's infrastructure is an AI-powered platform designed for regulatory compliance and security. This system aggregates and analyzes millions of on-chain transactions to create a dynamic data ecosystem. The platform utilizes specialized nodes, referred to as "ITO nodes," which employ AI to detect anomalous patterns and behaviors in real-time. This capability is intended to provide proactive insights to combat financial crime, such as money laundering and fraud. ^[2]

Data Control & Universal Basic Income

WeFi introduces a model where users can potentially earn a form of Universal Basic Income (UBI) through their participation in the ecosystem. The concept is based on the principle that user data is a valuable asset. Activities performed within the WeFi ecosystem, such as making transactions or using its applications, generate data that is used to train the platform's AI models. ^[2]

Ecosystem and Products

The WeFi mobile application offers non-custodial, multi-asset accounts supporting over 7,000 cryptocurrencies (alongside fiat currencies), with built-in asset swap functionality and access to smart contract-based yield opportunities. ^[10]

Onboarding is automated through AI-driven know-your-customer (KYC) checks – supplemented by zero-knowledge proof systems – allowing users to retain control of their private keys while still meeting compliance standards. ^[11]

Cards

To facilitate the use of cryptocurrency for everyday spending, WeFi offers a series of payment cards. These cards are designed for global use and are accepted by over 140 million merchants worldwide. Key features include the ability to withdraw cash from ATMs and the absence of foreign exchange (FX) fees on transactions. The cards are available in three tiers:

• Virtual Card: A digital-only card for immediate use in online and mobile payments.
• Plastic Card: A standard physical card for in-person and online transactions.
• Metal Card: A premium card made of metal, which offers additional, unspecified perks. ^[1]

Tokenomics

The WeFi ecosystem is powered by its native utility token, $WFI. This token is integral to the platform's operations and incentive mechanisms. The primary functionalities of the $WFI token include mining, staking, vesting schedules, and a referral system. In addition to the native $WFI token, the ecosystem also plans to incorporate proprietary stablecoins or wrapped assets, referred to as WUSD and W-assets, which will be used within its neobank and other financial applications. ^[12]

Awards & Recognition

WeFi earned a Guinness World Records title for the “Most viewers of a blockchain live stream on YouTube.” The record was set in Dubai on May 30, 2025, when WeFi’s live blockchain broadcast attracted 121,348 unique viewers over a five-hour stream. ^[10]