What is Neobank?

WeFi Neobank: Bridging Web2 and Web3 with WeChain

The WeFi Neobank is a crucial bridge between traditional finance (Web2) and decentralized finance (Web3), powered by the WeChain blockchain. It provides users with a versatile financial platform that integrates crypto and traditional financial services, offering a seamless experience whether at home or abroad.

Key Features of WeFi Neobank:

1. Comprehensive Crypto Integration: The WeFi Neobank enables users to easily move crypto in and out, use it as a local financial tool, and take it with them globally. It serves as an all-in-one solution for personal finance, remittances, and participation in the WeChain ecosystem.

2. A crypto-collateralised card: We offer two flavours of a card - a standard Visa card allowing users to spend after depositing their USD; and a non-custodial option where users can just deposit their crypto in a non-custodial smart contract, without transferring custody to us.

3. Global, bank-grade accounts and IBANs:

   Our Neobank reaches out to the unbanked and provides them real bank-grade services, including a USD-denominated, globally connected bank account, which allows them to transact anywhere the SWIFT system allows them.

4. Non-Custodial Bank Account:

   For crypto-native users, WeFi Neobank provides on-chain vaults where they can store their crypto securely. This allows users to make and receive traditional payments without relinquishing custody of their assets, maintaining control over their funds at all times. This makes WeFi not only a point of payment acceptance but also a platform for global money transfers, leveraging the efficiency and security of blockchain technology.

5. Blockchain wallets:

   Staying true to our principles, we offer easy-to-use blockchain wallets, where you won't need to worry for your private keys or passphrases. We take care of everything and keep custody of your funds, while you enjoy the benefits of sending and receiving crypto; we also offer a non-custodial wallet, where you are in control and keep custody of your funds, while we provide with ways to recover your private key if you ever lose it.

6. Localized Financial Services:

   Instead of a one-size-fits-all approach, WeFi focuses on creating superior, market-specific apps. These apps will offer a range of essential services, from card payments and loans to utility bill payments and investment options, tailored to meet the needs of local markets.

7. Built-in WeChain and DeFi Access:

   WeChain serves as the backbone of the Neobank, with all transactions being recorded on-chain, ensuring transparency and security (while preserving user anonymity). Users can access cross-chain bridges, making their crypto holdings truly borderless.

8. QR Payments and Cashback Incentives:

   • Users can send and receive payments via QR codes, simplifying transactions and broadening accessibility. To encourage adoption, QR payments are incentivized with W points, which can later be converted into WUSD stablecoin. QR payments have proven to be powerful adoption tools, especially in Asia and Latin America, where they simplify business setup and eliminate the need for traditional payment terminals