- The Company has concluded its initial period of rigorous
testing in partnership with early users of the App and will be
launching an upgraded user interface and new connectivity features
in Q1 2022, to support enhanced usability, brand awareness and
scalability as new blockchain infrastructure is integrated over the
next 12 months.
- Wellfield's vision for the MoneyClip app ("MoneyClip" or the
"App"), is to build it into the ultimate everyday financial
application powered by blockchain, giving consumers easy access to,
and greater control over their money by harnessing the full value
and flexibility offered by decentralized finance ("DeFi").
- The Company has also initiated an engagement program that is
dually focused on the expansion of the App's user base and its
evolution from a peer-to-peer (P2P) payment app to a broader
financial app, powered by blockchain infrastructure.
- MoneyClip has launched a new website at moneyclip.io.
VANCOUVER, BC, Dec. 24, 2021 /CNW/ - Wellfield Technologies
Inc. (TSXV: WFLD) (the "Company" or
"Wellfield"), is pleased to announce that its wholly-owned
subsidiary, MoneyClip Inc. has launched an intensive engagement
program, focused on growing its user base and signing retail
partners as it prepares for the introduction of additional
functionality through 2022.
MoneyClip is available to download in Canada, for iOS and Android users. The App
currently offers P2P payment functionality, and Wellfield has a
multi-year plan to add functionality that is aimed at making
MoneyClip a user's primary financial interface. Wellfield expects
to offer enhanced versions of financial products and services
currently available to Canadian consumers only through traditional
channels, by leveraging smart contracts and other DeFi
infrastructure built by the Company's Seamless brand and through
partnerships and integrations with third parties in the DeFi
ecosystem.
Management Commentary
Chanan Steinhart, Founder of
MoneyClip and Chief Strategy and Business Development Officer of
Wellfield commented, "During our latest rounds of user
research and testing we've seen a marked shift in the Gen Z
demographic. As recently as this past spring, most viewed
blockchain as a high risk and speculative ecosystem. Now, many see
blockchain and DeFi as a legitimate global financial system that is
beginning to offer the products and services their parents receive
at the local branch and online, but with attractive and sustainable
economic incentives, and the user experience they've come to expect
as mobile native consumers. We are positioning ourselves to capture
this consumer shift in banking and finance. Our vision for
MoneyClip is to build a full-service financial application that is
the best of all worlds - built for Canadians, adherent with local
regulation, and powered by global DeFi markets to give our users
complete control and flexibility over their money."
Mr. Steinhart continued, "We are building MoneyClip
to make Canadians' money highly efficient and productive. To do
this, we're starting off 2022 by launching new engagement efforts
and executing on a development roadmap of products and services
that offer better yield, no lockups, easy payments, fair loans, and
bulletproof security – all powered by DeFi and blockchain
infrastructure. In 2021 the core blockchain infrastructure needed
to support these features did not exist, but thanks to Wellfield's
Seamless branded IP and recent developments by other peers in the
space, our vision for MoneyClip can become a reality."
About MoneyClip
Background
Blockchain, combined with the power of the internet, has the
power to reinvent the world's financial systems, moving
intermediaries aside and creating a decentralized financial system
that has the capacity to remove frictions and costs, improve
security, and enhance trust. The advanced infrastructure required
to create end to end solutions and open new avenues for
decentralized financial services are only beginning to be
commercialized, and just like the early internet, these networks
are missing compelling applications that make the technology
relevant for people's everyday lives. Today's blockchain
applications focus on speculative use cases rather than offering
traditional finance solutions powered by decentralized finance.
Vision
Wellfield has built MoneyClip with the vision of creating an
everyday financial application powered by blockchain, that can act
as a primary point for consumers to secure and utilize their money.
The App currently offers P2P payment functionality, and Wellfield
has a multi-year plan to integrate new blockchain infrastructure,
as it becomes available, to provide consumers with access to a full
range of DeFi and traditional finance services.
The solutions provided through the App are powered by
decentralized protocols developed in house by the Company's wholly
owned subsidiary Seamless Logic Software Ltd. ("Seamless") and
other partnerships and integrations with third parties in the DeFi
ecosystem.
About Wellfield Technologies
Wellfield is focused on unlocking the power of decentralized
finance (DeFi) by building open and accessible decentralized
protocols and also blockchain based consumer products. Seamless -
the Company's protocol layer brand - focuses on solutions that
enhance and optimize liquidity in the Ethereum ecosystem, make
Bitcoin compatible with DeFi, and enable decentralized cross
blockchain exchange. MoneyClip - Wellfield's application layer
brand - is powered by DeFi to enhance everyday financial products
and make money work for the way people live.
Cautionary Notice
A listing application prepared in accordance with the
policies of the TSXV (the "Listing Application") is available on
the Company's SEDAR profile, available at www.sedar.com, and
contains additional information regarding Wellfield.
The contents of this press release are expressly qualified by
the disclosures and contents of the Listing Application and readers
are encouraged to review the Listing Application. Investors
are cautioned that, except as disclosed in the Listing Application,
any information released or received with respect to the Wellfield
may not be accurate or complete and should not be relied upon.
Trading in the securities of Wellfield should be considered highly
speculative.
The TSXV has neither approved nor disapproved the contents of
this news release. Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
This news release does not constitute an offer to sell, or
a solicitation of an offer to buy, any securities in the United States. Wellfield's securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Cautionary Notice on Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking information" ("forward-looking information")
within the meaning of the applicable Canadian securities
legislation. All statements, other than statements of historical
fact, are forward-looking information and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that discusses predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking information. Forward-looking statements in this
news release include statements regarding the Company's success in
launching the protocols and other technologies and utilities
discussed herein. In disclosing the forward-looking information
contained in this press release, the Company has made certain
assumptions. Although the Company believes that the expectations
reflected in such forward-looking information are reasonable, it
can give no assurance that the expectations of any forward-looking
information will prove to be correct. Known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Such factors include,
but are not limited to: compliance with extensive government
regulations; domestic and foreign laws and regulations adversely
affecting the Company's business and results of operations; the
impact of COVID-19; the decentralized finance industry generally,
in Canada and abroad; and general
business, economic, competitive, political and social
uncertainties. Readers are cautioned that the foregoing list is not
exhaustive and readers are encouraged to review the Listing
Application accessible on the Company's SEDAR profile at
www.sedar.com. Readers are further cautioned not to place
undue reliance on forward-looking statements as there can be no
assurance that the plans, intentions or expectations upon which
they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any
forward-looking information to reflect actual results, whether as a
result of new information, future events, changes in assumptions,
changes in factors affecting such forward-looking information or
otherwise.
SOURCE Wellfield Technologies
