Wellfield Outlines 2022 Focus - Providing Services and Applications to Unlock the Power of Decentralized Finance (DeFi)
Wellfield Outlines 2022 Focus - Providing Services and Applications to Unlock the Power of Decentralized Finance (DeFi)
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.
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:
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.
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
Company Codes: TorontoVE:WFLD
© 2022 PR Newswire. All Rights Reserved.