Wellfield Technologies Inc. Enlists Fireblocks to Enhance Its Digital Asset Operations and Product Offerings

Rhea-AI Summary

Wellfield Technologies Inc. collaborates with Fireblocks to enhance its offerings for subsidiaries Coinmama, Brane Trust, and Tradewind. The partnership aims to provide world-class security solutions for digital assets and cryptocurrencies, improving Coinmama's retail customers, Brane Trust's institutional clients, and traditional investors' experiences.

Wellfield utilizes Fireblocks to enhance full suite of offerings for its subsidiaries Coinmama, Brane Trust, and Tradewind

Toronto, Ontario--(Newsfile Corp. - February 9, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (the "Company" or "Wellfield"), proudly announces its strategic collaboration with Fireblocks, the industry's most trusted and innovative platform to securely support digital assets and cryptocurrencies. This relationship establishes Wellfield with world-class security and solutions to execute on the Company's mission and quickly bring new products to market. Through this collaboration, Wellfield brings Coinmama's retail customers, Brane Trust's institutional customers, and traditional investors, through Wellfield's Ethereum-based gold offerings, into the Fireblocks Network.

Wellfield's previously announced tokenized gold ecosystem is enhanced by Fireblocks' Tokenization platform, creating a robust environment to secure digitized gold and complement the Royal Canadian Mint's state-of-the-art custody for the underlying physical deliverable metal.

Brane Trust, acquired by Wellfield in December 2023, leverages Fireblocks' flagship Crypto & DeFi Treasury Management solution, offering institutional customers best-in-class regulated custody and, with regulatory approval, access to the Fireblocks Network.

Coinmama's Mobile App will be enhanced by Fireblocks' new wallets-as-a-service offering to bolster its popular retail blockchain wallet with institutional grade non-custodial security while giving Coinmama users direct access to the best projects in Web3 and DeFi.

Levy Cohen, CEO of Wellfield, commented, "Having Fireblocks become an integral part of our tech stack marks a pivotal moment for Wellfield as we commercialize our gold solutions, proprietary DeFi protocols, and recently acquired businesses. Leveraging Fireblocks' cutting-edge solutions enables Wellfield to accelerate the growth and scale of our businesses and our mission to make decentralized finance accessible, relevant, and efficient. From our non-custodial users at Coinmama to the regulated custody seeking institutional market at Brane Trust, we are excited to show our customers how Fireblocks complements the core technology and solutions we offer."

Integration Benefits

Wellfield expects to be well positioned to realize strong synergies, accelerate revenue-generating product launches, and demonstrate competitive value in each of its distinct business lines:

Utilizing Fireblocks' Tokenization Platform to enhance our Gold Tokenization Ecosystem

Wellfield combines trust and innovation to digitize ownership of physical gold custodied by the Royal Canadian Mint and create ground-breaking investments that leverage blockchain to turn digitized gold into a cash flowing asset.

This partnership gives Wellfield an end-to-end platform to securely mint, custody, and transfer tokenized assets and manage Wellfield's proprietary smart contracts and decentralized financial services. Wellfield brings best-in-class tokenized gold assets into the Fireblocks Network as a new offering for Fireblocks' existing customer base.

Using Fireblocks for Brane Trust's Crypto & DeFi Treasury Management

Brane Trust is a trust company regulated by the Alberta Ministry of Treasury Board and Finance for the purpose of digital asset custody. This partnership brings Brane Trust into the Fireblocks Network and enables Brane Trust to offer its institutional customers industry leading security and custody solutions tailored to their governance and risk requirements.

Enabling Coinmama customers to maintain control of their crypto with Fireblocks' Wallet-as-a-Service

Coinmama is one of the world's most enduring and trusted brands for customers to effortlessly bring their money onto blockchain while retaining full control of their cryptocurrency. Wellfield has updated and future-proofed Coinmama's mobile app through its partnership with Fireblocks, integrating their non-custodial wallets-as-a-service solutions into the core of the Coinmama wallet. With this upgrade, customers retain full control over the cryptocurrency they purchase from Coinmama and get simple and secure access to the best of Web3 and DeFi all from one place.

Michael Shaulov, CEO and Co-Founder of Fireblocks, added, "Fireblocks' mission is to enable every business to easily and securely support digital assets and cryptocurrencies. We've done this by setting the standard in digital asset security and compliance, delivering today's most adopted blockchain technology stack. Our focused approach is key in developing industry-leading solutions and we look forward to working closely with the Wellfield team, who are equally dedicated to developing blockchain solutions for institutional and retail customers. We are excited to collaborate on their unique products and are excited to welcome Coinmama and Brane Trust customers into the Fireblocks Network."

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 operates through two brands: Coinmama, which with a growing base of more than 3.5 million registered users, is one of the most trusted and enduring global brands operating in the crypto space; and Wellfield Capital, which meets the needs of institutional users and professional investors.

Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.

For further information contact:

Wellfield Technologies Inc.
Levy Cohen, CEO
levyc@wellfield.io
(832) 483-2575

Ryan Graybill, Investor Relations
ryan.graybill@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: Brane Trust obtaining regulatory approval from the Alberta Government and becoming a regulated custodian for digital assets; Brane Trust continuing the process to become a qualified custodian under applicable securities legislation; the ability of Brane Trust to provide regulated custody for crypto asset trading platforms and exchange-traded funds; post-Acquisition closing objectives of the Company and business; the independent operation of Brane Trust; the Company's ability to realize strong synergies, revenue-generating potential, and competitive differentiation through the integration of Fireblocks' solutions into Wellfield's subsidiary businesses; the Company's ability to create a value proposition that does not yet exist in the marketplace; the expectation of additional revenues; the timing of the Company's launch of its tokenized real-world asset solution; the anticipated strategic, operational and competitive benefits of the acquired businesses, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. 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. These risks and uncertainties include, but are not limited to: the successful completion of the Acquisition; the successful Registration of Brane Trust with the Alberta Government; the failure of the Tradewind, Coinmama, or Brane Trust acquisitions to result in the anticipated strategic, operational and competitive benefits; the ability of the Company to raise additional capital to fund future operations; compliance with extensive government regulations, domestic and foreign laws and regulations adversely affecting the Company and 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 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 TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197373

FAQ

What is the strategic collaboration announced by Wellfield Technologies Inc. in the press release?

Wellfield Technologies Inc. has announced a strategic collaboration with Fireblocks, a leading platform for securing digital assets and cryptocurrencies, to enhance its offerings for subsidiaries Coinmama, Brane Trust, and Tradewind.

How does Fireblocks benefit Wellfield's tokenized gold ecosystem?

Fireblocks enhances Wellfield's tokenized gold ecosystem by providing a robust environment to secure digitized gold and complement the Royal Canadian Mint's custody for physical deliverable metal.

What are the integration benefits of Wellfield utilizing Fireblocks' services?

Wellfield expects strong synergies, revenue acceleration, and competitive value in its business lines by utilizing Fireblocks' Tokenization Platform for Gold Tokenization Ecosystem, Brane Trust's Crypto & DeFi Treasury Management, and Coinmama's Wallet-as-a-Service.

Who is the CEO of Wellfield Technologies Inc. and what is his comment regarding the collaboration with Fireblocks?

Levy Cohen is the CEO of Wellfield Technologies Inc. He mentioned that having Fireblocks as part of their tech stack is a pivotal moment for Wellfield, enabling them to accelerate growth, scale their businesses, and make decentralized finance accessible, relevant, and efficient.

What is Fireblocks' mission and how does it align with the collaboration with Wellfield Technologies Inc.?

Fireblocks' mission is to enable businesses to securely support digital assets and cryptocurrencies. The collaboration with Wellfield Technologies Inc. aims to provide industry-leading security solutions for institutional and retail customers, welcoming Coinmama and Brane Trust customers into the Fireblocks Network.