Wellfield Technologies Inc. Announces Planned Launch of Tokenized Gold Ecosystem
- Acquisition of Tradewind Markets opens new opportunities for Wellfield Technologies
- Planned launch of Ethereum-based tokenized gold ecosystem in Q1 2024
- Democratization of access to gold through fractional ownership on the blockchain
- Enhanced transparency and security through blockchain technology
- Integration of tokenized gold into the decentralized finance ecosystem
- None.
In February 2023 Wellfield acquired Tradewind Markets, a leading blockchain based precious metals platform offering their flagship product VaultChain™ Gold: ownership of institutional gold custodied by the Royal Canadian Mint, digitized on Tradewind Market's enterprise blockchain.
Capitalizing on this acquisition, Wellfield announces a planned calendar Q1 2024 launch of its revolutionary tokenized gold ecosystem.
Wellfield aims to transform gold - one of the world's most enduring and recognized assets - into a financial product on Ethereum.
Toronto, Ontario--(Newsfile Corp. - December 8, 2023) - Wellfield Technologies Inc. (TSXV: WFLD) (FSE: K8D) (the "Company" or "Wellfield"), is excited to announce the upcoming launch of its Ethereum-based gold ecosystem, following the acquisition of Tradewind Markets. This move marks a significant step in Wellfield's pursuit to unlock the power of decentralized finance and extend blockchain's reach to global gold markets.
During 2023, Wellfield acquired Tradewind Markets with the vision to combine VaultChain™ Gold and the Company's proprietary decentralized finance technology, empowering customers to do far more than simply buy and hold gold. Wellfield's Ethereum based ecosystem will launch with decentralized spot trading, alongside the integration of a suite of gold-based decentralized financial services, all globally accessible 24/7. Wellfield intends to provide further updates, announcements and partnerships approaching the initial launch in calendar Q1 2024.
Management Commentary
Levy Cohen, CEO of Wellfield, commented, "While Bitcoin and cryptocurrencies have received deserved attention in recent years, today's economic environment and recent all-time highs are a reminder that gold continues to be a highly demanded, trusted, and enduring asset. By combining the strategic acquisition of Tradewind Markets with the public launch of our advanced decentralized finance technology, Wellfield is at the forefront of a transformative journey in the realm of tokenized, or blockchain-based, gold."
Mr. Cohen added, "Our vision is to go beyond simply tokenizing gold; by leveraging decentralized finance to unlock unprecedented possibilities never seen before in the gold market, we are offering a chance to interact with gold in a new light. We are thrilled by the enthusiasm we have received from strategic partners and potential customers, and we are excited to share more announcements as we push ahead on this significant opportunity."
Benefits of Tokenized Gold
Accessibility and Lower Costs: Tokenization democratizes access to gold, making it available to a global customer base 24/7 through fractional ownership on the blockchain. Lower transaction fees resulting from blockchain's efficiency make investing in gold more accessible than ever.
Transparency and Security: Leveraging Ethereum, tokenized gold offers unparalleled transparency and security. Backed by physical gold, transactions are verified and secured by blockchain to ensure integrity and reduce traditional counterparty risks for financial transactions.
Integration into the Decentralized Finance Ecosystem: Tokenized gold connects the tangible value of gold with decentralized finance, offering novel financial opportunities and diversification in investment portfolios. This integration transforms gold from an unproductive asset class to a form of capital that benefits from the opportunities on Ethereum.
About Wellfield Technologies
Wellfield is an R&D focused Fintech company that operates on public blockchains including Bitcoin and Ethereum. The Company operates a regulated platform that onboards customers globally at scale, leveraging its proprietary decentralized technology to offer highly disruptive on-chain self-custody solutions. Wellfield leverages these assets to operate two business lines: Coinmama (for consumers) with over 3.5 million registered users globally and Wellfield Capital for institutional and professional investors. Additionally, Wellfield has recently expanded the scope and monetization potential of its technology by acquiring Tradewind Markets, Inc. Tradewind Markets digitizes real world assets, starting with its flagship VaultChain™ Gold and VaultChain™ Silver products, which offer blockchain-based digital ownership of deliverable precious metals held in custody by the Royal Canadian Mint.
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
levyc@wellfield.io
(832) 483-2575
Ryan Graybill, Investor Relations
investors@wellfield.io
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 gold products and blockchain protocols and other technologies and utilities discussed herein, the integration, expansion and continued revenue generation of Tradewind, and the anticipated strategic, operational and competitive benefits of the Acquisition. 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 and Tradewind's business and results of operations; the anticipated launch of products may not be realized as intended or at all; the strategic, operational and competitive benefits of the Acquisition may not be realized; the impact of COVID-19; the decentralized finance industry generally, in Canada and abroad; and general regulatory, business, economic, competitive, political and social uncertainties. Readers are cautioned that the foregoing list is not exhaustive, and readers are encouraged to review the disclosure documents accessible on the Company's SEDAR profile at www.sedarplus.ca. 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.
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.
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