Wellfield to Launch Platform Upgrade for Tradewind, Pursue Spin-out
Wellfield Technologies Inc. (TSXV: WFLD) is set to launch a major platform upgrade for Tradewind, aiming to revolutionize the institutional digital gold market. The upgrade integrates next-generation trading solutions, creating a comprehensive gold trading marketplace for institutional investors. Key features include spot, yield, and volatility trading solutions, instantly settled trades with no counterparty risk, and low transaction costs.
Currently, $170 million worth of physical precious metals are digitized on the Tradewind Ledger. The company is also exploring opportunities to establish Tradewind as an independent entity, potentially through a spin-out public listing or strategic partnerships. This move aims to unlock significant value for shareholders and allow Wellfield to focus on advancing its decentralized finance technologies.
- Launch of a major platform upgrade for Tradewind, potentially revolutionizing the institutional digital gold market
- $170 million worth of physical precious metals currently digitized on the Tradewind Ledger
- Integration of next-generation trading solutions, including spot, yield, and volatility trading
- Potential spin-out or strategic partnership for Tradewind, aiming to unlock shareholder value
- None.
Toronto, Ontario--(Newsfile Corp. - July 16, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (the "Company" or "Wellfield") is pleased to announce it is nearing the launch of a major platform upgrade, which management believes is poised to revolutionize the institutional digital gold market. Acquired by Wellfield in 2023, Tradewind's VaultChain Gold sets the standard for digital gold, offering digitized ownership of gold for Custodial Participants of the Royal Canadian Mint.
VaultChain Gold stands out as the only blockchain-based gold with digitization, storage and physical redemption directly managed by a sovereign mint. Currently
The upcoming Tradewind Ledger upgrade integrates a suite of next-generation trading solutions, creating a comprehensive gold trading marketplace tailored for institutional investors and their clients. Key features of this new platform include:
- Spot, Yield, and Volatility Trading Solutions
- Instantly Settled Trades with No Counterparty Risk
- Low Transaction Costs
- Physical Delivery with a Sovereign Mint
- Global Accessibility 24/7
Since its acquisition of Tradewind, Wellfield has been diligently developing this new platform and business model, which is now operational on the Tradewind Ledger testnet, with public launch anticipated before the end of the year.
Levy Cohen, CEO of Wellfield, shares, "We acquired Tradewind because we recognized the intrinsic value of VaultChain Gold, which has set the global standard for digital gold. By combining VaultChain Gold with our next-generation trading infrastructure, we have a unique opportunity to enhance this enduring and highly liquid investment and transform gold into a productive asset with new utility and value propositions. This recent milestone is a critical step as we focus on launch and execution through the end of the year."
Exploring Independence to Unlock Value
Aiming to unlock significant value for the Company's shareholders and other stakeholders, management is actively exploring opportunities to establish Tradewind as an independent entity (the "Strategic Opportunity"). The Company is considering various strategic alternatives that would allow Wellfield to retain a significant controlling interest in Tradewind, strengthen Wellfield's balance sheet, and enable Wellfield management to focus its efforts beyond gold and advance its decentralized finance technologies within the blockchain space. Such strategic alternatives may include, but are not limited to, a spin-out public listing of Tradewind, strategic partnerships with third-parties or other transactions or reorganization. Management is already in active discussions with third-parties to execute this strategy.
Wellfield believes that the Strategic Opportunity will increase shareholder value by allowing capital markets to ascribe value, and provide additional capital, to Tradewind independently of Wellfield's core business, providing an opportunity to Tradewind to be funded and developed on its own with independent management and governance. Additional details of the Strategic Opportunity will be released as more information becomes available.
Mr. Cohen commented, "We are highly confident that VaultChain Gold, alongside our sophisticated infrastructure and trading solutions, presents a unique and compelling offering in the burgeoning digital gold ecosystem. As we prepare to launch the new platform later this year, we believe this strategic direction will empower Tradewind as an independent entity to seize untapped opportunities and deliver significant value to our shareholders."
About Wellfield Technologies
Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions leveraging blockchain technology. Our platform Coinmama (web and Mobile app), provides seamless access to the cryptocurrency market for over 3.5 million registered users across 180 countries. We offer disruptive on-chain and web3 secure and friendly self-custody solutions through Coinmama. Additionally, Wellfield operates Tradewind Markets platform to digitize and trade real-world assets, including our flagship VaultChain™ Gold and VaultChain™ Silver products. Expanding our offerings for institutional clients, we present Brane Trust aiming to operate in Alberta Canada's second qualified digital asset custodian.
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
Ryan Graybill, Investor Relations
ryan.graybill@wellfield.io
Cautionary Notice on Forward-Looking Statements
This news 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 information in this news release includes statements regarding the anticipated timing and success of launch of a major platform upgrade of the VaultChain Gold platform; the features of such platform upgrade; the creation of a comprehensive gold trading marketplace through such platform upgrade; management's belief of the ability for the platform upgrade to disrupt the institutional digital gold market; the Company's management pursuing various strategic alternatives towards achieving the Strategic Opportunity, including a public listing of Tradewind and strategic partnerships with third-parties; the empowerment of Tradewind as an independent entity to seize untapped opportunities and its ability to deliver significant value to our shareholders, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward- looking information necessarily involves known and unknown risks and uncertainties, which may cause the Company's actual performance and results in to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, receipt of the necessary regulatory and third-party approval for the Strategic Opportunity; the Company's ability to, successfully and in a timely manner, launch a major platform upgrade of the VaultChain Gold platform; the Company's ability to complete the Strategic Opportunity in any form, including a public listing of Tradewind and strategic partnerships with third-parties; the success of Tradewind as an independent entity following any Strategic Opportunity, to seize untapped opportunities and its ability deliver significant value to our shareholders; and general business, financial market, economic, competitive, political and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated. 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 information 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has approved nor disapproved the contents of this news release, nor do they accept responsibility for the adequacy or accuracy of this release.
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FAQ
What is the upcoming platform upgrade for Tradewind by Wellfield Technologies (WFLDF)?
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What strategic opportunities is Wellfield Technologies (WFLDF) exploring for Tradewind?
When is the public launch of Wellfield Technologies' (WFLDF) new Tradewind platform expected?
