✍️Welcome to our first blog post, where you can follow everything about WeFi. From events, press releases to roadmap updates, this will be the place to track our progress. And what better way to celebrate this new Blog section than to dedicate the first post to our new direction, the first Deobank! So stay tuned if you want to know more!

✍️The process of financial innovation is certainly underway. The rise of digital banking institutions, the decline of trust in traditional finance (TradFi), and user dissatisfaction with what they receive from their banks—these factors all indicate a need for large-scale change. Something bigger than just transitioning the rules and practices of TradFi online under the guise of digital banks (Neobanks).

✍️That is exactly what Deobank (the first decentralized bank on the blockchain) of WeFi will bring. A completely new model of financial inclusion and money management that no digital bank can promise. Read on to see why the recent launch of Deobank is the turning point you have been waiting for.

THE BROKEN PROMISE OF DIGITAL BANKS

Until recently, digital banks (Neobanks) were seen as the greatest prospect of digital transformation in finance. Their modern architecture and new services are welcomed with high expectations, although in reality, their tangible impact has been quite limited. Let’s explore more about Neobanks and the persistent challenges they cannot resolve in banking:

📌Digital banks (Neobanks) generally follow the rules of traditional finance (TradFi) in account opening, thus ignoring the needs of over 1.4 billion unbanked individuals.

📌Most of the current digital banks still rely heavily on the old systems of large banks.

📌Digital banks (Neobanks) follow the KYC process of TradFi and can freeze the account of any user along with all the money in it, leaving users without control over their money.

📌Many digital banks (Neobanks) continue the tradition of issuing physical cards, thus contributing to global plastic pollution.

📌The annual percentage rate (APR) for savings at digital bank (Neobank) accounts is quite low and comparable to the interest rates of traditional bank accounts.

HOW OUR DEOBANK OPERATES TO CHANGE TradFi FOREVER ❓

When considering all the discussed limitations against the promising innovation, every user can see that digital banks (Neobanks) do not actually go further than any traditional banks (TradFi) in terms of democratizing access to money and promoting financial inclusion.

However, the Deobank project is taking a different path. We have learned from all the mistakes of digital banks and made an attractive offer. It meets the financial needs of users and provides access to a completely new financial ecosystem.

INCLUDING UNBANKED POPULATION GROUPS IN THE EQUATION

So what will happen to the 1.4 billion unbanked users who are still left out of the financial system, even in the booming era of digital banks (Neobanks)? We have included them in the equation by addressing two main groups of unbanked individuals – those who want to participate in the financial system but cannot and those who do not trust banks to hold their money. The first group will benefit from easier access to finance with simplified KYC procedures, supported by AI at Deobank, making account opening simpler. The second group will surely appreciate our self-custody wallet linked to the WeFi bank account through a smart contract bridge.

RETURNING CONTROL OF MONEY TO OWNERS

Control of money and the entire account is one of the urgent concerns of users in the banking system. Amid increasing alarming stories of account freezes due to the slightest suspicion of illegal activity, people want solid assurances about their control over money regardless of what happens. With Deobank, you receive that assurance by enjoying a fully self-managed account.

REDUCING FEES (again)

In reality, digital banks (Neobanks) have made significant efforts to reduce transaction and service fees compared to large traditional financial providers (TradFi). The exorbitant commission fees for every step that a bank account holder takes are a thing of the past. However, fees still exist, especially in aspects involving the use of related legacy systems (e.g., fixed SWIFT fees).

At WeFi, we have addressed this issue with blockchain technology. We see the future of finance in stablecoins, a type of currency that helps overcome the limitations and inconveniences of traditional banking solutions. Stablecoins are at the core of our financial ecosystem as they allow instant payments, easy to use, no intermediaries like banks or other financial institutions, and keep control of money in the hands of owners. Moreover, the fees for using stablecoins based on blockchain are minimal, to the point where you hardly notice them. In this way, using stablecoins as the core of the financial ecosystem, we have made global money transfers easier, cheaper, and faster.

PROMOTING TOTAL DECENTRALIZATION

Although digital banks (Neobanks) pride themselves on looser control and oversight, it is clear that their operations are still tightly regulated and centrally controlled. Our decentralized bank (Deobank) takes a completely different approach by providing total decentralization. By utilizing blockchain technology, we have created a decentralized system without intermediaries. As a result, you enjoy maximum transparency in money management combined with the absence of central oversight.

GIVING YOU A LOYAL CUSTOMER REWARD

User participation is not the strength of digital banks. We have chosen a different path by offering exclusive rewards to early users. Those who mine WFI tokens using nodes and hold them will enjoy reduced fees, higher spending limits, and perks at the account level.

TRY THE NEW GENERATION SOLUTION TO CHANGE THE WAY YOU MANAGE YOUR FINANCES.

As digital banking becomes increasingly accepted as a new normal trend, our Deobank emerges as a completely new gateway to financial inclusion and money management. Try the experience to enjoy unlimited financial freedom, ownership of money, and extremely low transaction fees. The Deobank project of WeFi rewrites the rules of global financial transactions and is ready to tackle the long-standing challenges of TradFi and Neobanking.

🔎Source: https://www.wefi.co/post/deobank-the-next-gen-digital-banking-solution

❣️To participate in WeFi – the Deobank blockchain bank, you just need a few simple steps:

Step 1: Access the official link:👉 https://app.wechain.ai/register?ref=rpvacl5qe0

Step 2: Enter basic information: email, password.

Step 3: Verify KYC (identity card or passport).

Step 4: Log in, add crypto or fiat assets.

Step 5: Activate the WeFi card (virtual or physical) for global payments.

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