- During 2022, Wellfield is focused on introducing solutions that
address the following: make bitcoin compatible with DeFi; enable
decentralized cross-blockchain trading; permit existing DeFi
liquidity providers to scale; and empower non-participating
institutions to put capital to work within familiar risk
frameworks.
- The Company also plans to begin executing its multi-year
project to integrate new blockchain infrastructure into the
MoneyClip app, as it becomes available, to provide consumers with
access to a full range of DeFi and traditional finance
services.
VANCOUVER, BC, Jan. 6, 2022 /CNW/ - Wellfield Technologies
Inc. (TSXV: WFLD) (the "Company" or
"Wellfield"), is pleased to provide investors with a review
of some of the Company's 2022 Business focuses, as it begins to
accelerate its goal to unlock the power of DeFi and make adoption
easy for everyone, consumers and institutions alike. During 2021,
Wellfield put the foundation in place for rapid expansion during
2022 – a business combination that formed Wellfield was
successfully completed, which resulted in the operation of two
brands: MoneyClip and Seamless. Together, these brands build
bridges from traditional finance to DeFi and set the foundation for
DeFi services for all.
Management Commentary
Levy Cohen, CEO of Wellfield commented, "Over the
past year we have been focused on developing solutions both with
Seamless and MoneyClip, to make DeFi part of consumers' daily
financial lives while overcoming some of the larger technical and
usability challenges that exist within DeFi today. During 2022, we
will continue to build on these efforts, filling in gaps with
decentralized protocols involving the Ethereum and Bitcoin
blockchains. We will also continue to extend the functionality of
the MoneyClip app, which we are focused on building into a wider
ranging financial platform. We have an amazing team, with an
experienced and capable board of directors, a strong senior team
and a highly qualified advisory team, with a growing roster of
globally recognized professionals in global payments, fintech,
finance, technology, and computer science. The next 12 months will
be a pivotal period for Wellfield as we execute our business plans,
and it is an exciting time to be a shareholder."
Launching decentralized protocols on Ethereum and Bitcoin –
Seamless – Wellfield's protocol-layer brand
During 2022, Wellfield's Seamless brand will begin to further
its solutions designed to address the following needs in the DeFi
ecosystem.
Making Bitcoin compatible with DeFi
Wellfield has witnessed a shift in the Bitcoin investment
community, where holding for capital appreciation is no longer
satisfactory. Investors are beginning to look for ways to make
their Bitcoin more productive. Seamless plans to launch a solution
that is designed to enable Bitcoin to be compatible with DeFi
without requiring the owner to give up custody to an intermediary.
This solution has the potential to unlock liquidity for Bitcoin
investors and to transform Bitcoin into a productive, cash flowing
asset as part of the broader DeFi ecosystem.
Cross Blockchain Trading
Currently, DeFi infrastructure gaps force users to rely on even
more intermediaries – cryptocurrency exchanges – when they want and
need to trade assets across blockchains. The core promise of DeFi
is decentralization, and demand is growing for Ethereum-based
decentralized exchanges. Wellfield has plans to extend the services
that today's decentralized exchanges offer for one blockchain, to
all chains.
Decentralized Prime Broker Capabilities
Currently, DeFi lacks the robust selection of liquidity
optimization and risk mitigation products that conventional prime
brokers offer institutional clients in traditional capital markets.
Wellfield believes that the introduction of these services within
DeFi are necessary to scale and attract significant capital.
Seamless has plans to launch an initial selection of services
focused on addressing some of these gaps, and to build on these
solutions over a multi-year period.
Building a full-service financial application powered by DeFi
– MoneyClip – Wellfield's app-layer brand
Wellfield has built MoneyClip ("MoneyClip or the "App") 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.
On December 24, 2021, Wellfield
announced that it had concluded its initial period of rigorous
testing in partnership with early users of the App and launched an
intensive engagement program, focused on growing its user base and
signing retail partners as it prepares for the introduction of
additional functionality. MoneyClip 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.
Contributing to Ecosystem Growth and the Next Wave of
Challenges
Decentralized finance is more than payment rails and
permissionless services. Wellfield believes that DeFi is
reinventing global finance and will pave the way for a new digital
economy and metaverse, and there are significant challenges that
aren't being addressed by the Company's Seamless and MoneyClip
brands. While executing its core plans for Seamless and MoneyClip,
the Company plans to take additional steps to begin developing or
partnering on solutions focused on:
Distributed Identity
Digital identity is currently seen by the vast majority of
fintech businesses as a KYC/AML/Regulatory nuisance rather than a
necessary step that is also an important opportunity to strengthen
end user relationships and evolve digital finance. Moving away from
a centralized model to distributed digital identities will be
essential to the growth and viability of the digital economy. As
Web3 evolves, the Company will begin to focus on the need for, and
opportunity to contribute to, distributed identity
opportunities.
Deep Integration with DeFi Communities and Ecosystem
Building the bridges between traditional and decentralized
finance will happen from both ends. Wellfield will look for
partnerships and integrations with current market players to
facilitate and accelerate the creation of these bridges.
Interoperability, open source, and community collaboration are
significant strengths of the DeFi ecosystem. As the regulatory
landscape locally and globally continues to evolve, management will
look for opportunities to be an active stakeholder in regulatory
discussions and also to strengthen community relationships and
leverage collaborative opportunities with talented contributors in
the space.
Retention of Market Making and Capital Markets Advisory
Services
Wellfield has retained the services of INFOR Financial Inc.
("INFOR Financial") to provide market making services on the TSX
Venture Exchange (the "TSX-V" or the "Exchange"), in compliance
with the policies and guidelines of the Exchange and applicable
securities laws. INFOR Financial, a leading Canadian independent
investment bank, is a registered investment dealer and a member of
Investment Industry Regulatory Organization of Canada ("IIROC") and the TSX-V, among other
stock exchanges. INFOR Financial will trade the securities of
Wellfield on the TSX-V for the purpose of maintaining an orderly
market and to provide liquidity for Wellfield's common shares.
Wellfield will pay INFOR Financial CAD$5,000 per month for an initial term of six
(6) months. There are no performance factors contained in the
agreement and INFOR Financial will not receive shares or options as
compensation. INFOR Financial will be responsible for the costs it
incurs in buying and selling Wellfield's shares, and no third party
will be providing funds or securities for the market making
activities. INFOR Financial and Wellfield are unrelated and
unaffiliated entities, but INFOR Financial and/or its clients may
have an interest, directly or indirectly, in the securities of
Wellfield. This engagement is subject to TSX-V approval.
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