Rebuilding Banking On-Chain: Maksym Sakharov On How WeFi Combines DeFi Innovation With Financial Services
John: Hey everyone, I’m John, your go-to tech blogger at Blockchain Bulletin, where I break down the latest in Web3, metaverse, and blockchain. Today, we’re diving into how WeFi is rebuilding banking on-chain, based on insights from Maksym Sakharov in a recent interview. If you’d like a simple starter guide to exchanges, take a look at this beginner-friendly overview.
Lila: That sounds exciting, John—I’ve heard about DeFi but not much on how it’s blending with everyday banking. Can you start by explaining what WeFi is and why it’s making waves?
Understanding WeFi and DeFi Basics
John: Absolutely, Lila. WeFi is a decentralized on-chain bank, often called a “Deobank,” which launched on 2025-01-20 according to reports from Entrepreneur and Nasdaq. It uses blockchain technology to combine decentralized finance, or DeFi (that’s finance without traditional banks, run by smart contracts on the blockchain), with everyday financial services like payments and yields.
Lila: Smart contracts? What’s that in simple terms?
John: Think of smart contracts as self-executing agreements coded on the blockchain—they automatically handle things like loans or transfers without needing a middleman. WeFi builds on this to make assets more productive and transparent, as Sakharov explained in his 2025-10-07 interview with Metaverse Post.
Lila: Got it. So, how does this differ from regular banks?
Who is Maksym Sakharov?
John: Maksym Sakharov is the co-founder and Group CEO of WeFi, with over eight years in IT, finance, and Web3, as noted in a WeFi X post from 2024-12-10. In the past, he focused on emerging tech, and currently, he’s leading WeFi’s push to bridge crypto and traditional finance.
Lila: What has he said recently about rebuilding banking?
John: In the Metaverse Post article from 2025-10-07, Sakharov discusses how WeFi combines DeFi innovation with financial services, emphasizing programmable accounts that let users earn yields on stablecoins while keeping control. He also highlighted this in a CCN interview on 2025-08-30, calling WeFi the evolution from neobanks to deobanks.
Lila: Neobanks? Like those app-based banks?
John: Exactly—neobanks are digital banks without physical branches, but deobanks like WeFi add blockchain for decentralization. (And hey, if banking terms start sounding like a sci-fi novel, you’re not alone—it’s all about making money work smarter!)
How WeFi Combines DeFi with Traditional Banking
Lila: Okay, walk me through how WeFi actually works.
John: WeFi offers non-custodial accounts, meaning users control their own keys, unlike traditional banks that hold your funds. It integrates DeFi tools for things like global payments and ATM withdrawals, as Sakharov mentioned in his 2025-08-30 CCN interview. Currently, it complements traditional systems by providing efficiency and transparency.
Lila: Any concrete examples?
John: Sure—users can earn yields on stablecoins directly in their accounts, or use programmable features to automate transactions. A Forbes article from 2025-02-13 explains how deobanks like WeFi blend digital banking ease with blockchain’s decentralization.
Recent Updates and Innovations
Lila: What’s new with WeFi as of today?
John: As of 2025-10-08, the most recent update comes from Metaverse Post on 2025-10-07, where Sakharov talks about WeFi’s programmable accounts making assets more productive. Another piece from Metaverse Post five days ago (around 2025-10-03) discusses WeFi’s “deobanking” approach, including mobile-first tools and stablecoin yields.
Lila: And on social media?
John: Posts on X from WeFi’s official account, like one on 2025-09-05, quote Sakharov saying WeFi is a fully decentralized crypto bank with features like yield and non-custodial accounts. An earlier post on 2025-08-07 highlights his talk at the Beyond Banking Summit in Thailand.
Use Cases and Examples
Lila: How can everyday people use this?
John: WeFi targets financial inclusion, especially in regions with limited banking access. For instance, users can make cross-border payments quickly without high fees, as per the Nasdaq report from 2025-01-20.
Lila: Give me some practical tips for getting started.
John: Here’s a quick list of steps based on WeFi’s described features:
- Download the WeFi app or visit their site to create a non-custodial wallet.
- Deposit stablecoins to start earning yields automatically.
- Use programmable accounts to set up automated payments or investments.
- Link to ATMs for real-world withdrawals where supported.
John: Remember, compliance varies by jurisdiction; always check local regulations and official WeFi docs before diving in.
Challenges and Risks
Lila: Sounds great, but what about the downsides?
John: In the past, DeFi faced issues like hacks and volatility, and WeFi addresses some with risk management tools, as discussed in an MDPI academic article from 2025-01-16 on DeFi tracking platforms. Currently, regulatory hurdles are a challenge—Sakharov noted in a Coinpedia piece from 2025-07-26 that Japan’s slow approvals hold back innovation.
Lila: How do they handle risks?
John: WeFi emphasizes transparency and user control, but users should be aware of smart contract vulnerabilities. For safety, enable two-factor authentication and only use verified platforms—no shortcuts there.
Looking Ahead
Lila: What’s next for WeFi and this on-chain banking trend?
John: Looking ahead, WeFi aims to expand mainstream adoption by simplifying crypto banking, as per Sakharov’s insights in recent interviews. Posts on X from early October 2025, like one from a user on 2025-10-01, show growing sentiment around decentralized banking layers for yield and scalability.
Lila: Any final thoughts on regulations?
John: Definitely—while innovation is speeding up, global rules are evolving, so stay informed through sources like Cointelegraph or official sites.
John: Wrapping this up, it’s clear WeFi, through Sakharov’s vision, is pushing boundaries in blending DeFi with real-world finance, making it more accessible. We’ve covered the basics to the latest buzz, and it’s an exciting space to watch. And if you’d like a bit more background on exchanges, you might enjoy this global guide.
Lila: Thanks, John—this really demystifies how on-chain banking could change things for the better. Readers, start small and stay curious!
This article was created based on publicly available, verified sources. References:
- Original Source
- From Neobanks to Deobanks: How WeFi Aims to Bridge Finance and Crypto
- DeFi Meets Everyday Banking: The Missing Link To Mainstream Adoption?
- WeFi Introduces the World’s First Deobank: The Decentralized Evolution of Banking
- WeFi Introduces the World’s First Deobank: The Decentralized Evolution of Banking
- Japan’s Slow Crypto Approval Process Holds Back Innovation, Says WeFi CEO
- Risk Management in DeFi: Analyses of the Innovative Tools and Platforms for Tracking DeFi Transactions