Toronto, Ontario--(Newsfile Corp. - September 26, 2023) - Wellfield Technologies Inc. (TSXV: WFLD) (OTCQB: WFLDF) (FSE: K8D) (the "Company" or "Wellfield") today announces, following its recent definitive agreement to acquire Alberta-based Brane Trust, a targeted growth effort aimed at the Canadian marketplace. Wellfield is now an Authorized Dealer of QCAD, a fully fiat-reserved Canadian Digital Dollar issued by Stablecorp Digital Currencies Inc.
With this partnership, Wellfield aims to provide Canadians with direct and efficient access to more relevant blockchain opportunities, denominated in Canadian Dollars.
Levy Cohen, CEO of Wellfield, commented, "Wellfield operates globally with our largest customer base coming from the United States and Europe, but we recognize Canada as a key market. We see a unique opportunity for Wellfield in the Canadian marketplace leveraging QCAD, especially as we witness growing disruption in the industry with users embracing decentralized finance."
Mr. Cohen continued, "Stablecorp has demonstrated a recognition of the importance of decentralized finance for the long-term success of their QCAD product as well as an understanding of the challenges and solutions in establishing liquidity and network effect for financial products. We are excited to work with them in bringing liquid Canadian Dollar denominated opportunities to market as we grow our Canadian customer base."
Alex McDougall, CEO of Stablecorp, added, "We are excited by the vision that Wellfield has for blockchain, and we are encouraged that they have selected QCAD to provide Canadians with straightforward, seamless access to decentralized finance solutions. We are thrilled to add Wellfield as an Authorized Dealer for QCAD and look forward to working with them to accelerate adoption of onchain finance in Canada and around the world."
About Wellfield Technologies
Wellfield is an R&D focused Fintech company that operates on public blockchains including Bitcoin and Ethereum. The Company operates web and mobile based platforms that onboard 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 the Company announced in late 2022 to meet the needs of institutional users and professional investors.
Stablecorp is a leading Digital Money infrastructure firm building solutions in the on-chain FX, payment, tokenization, and supply chain finance spaces. Through its QCAD Digital Dollar and Grapes Digital Money API, Stablecorp has created a suite of highly connected infrastructure solutions that power a variety of financial use cases. For more information, visit https://www.stablecorp.ca and https://www.grapesfinance.com.
QCAD is a fully reserved digital Canadian dollar (or stablecoin) issued by Stablecorp Digital Currencies inc. QCAD is 1:1 backed with Cash and Cash equivalents held by Tetra Trust Company, a Canadian Qualified Custodian at Canadian Financial Institutions. The reserves are attested to monthly by Professional Chartered Accounting Firm Grewal Guyatt LLP. QCAD is available across the Ethereum ("ETH"), Algorand ("ALGO") and Stellar ("XLM") blockchains. Monthly attestation reports and frequently asked questions can be found at www.stablecorp.ca/qcad-faq.
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
Ryan Graybill, Investor Relations
Forward-Looking Information and Cautionary Statements
Certain statements made herein may contain forward-looking statements or information within the meaning of the applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's Canadian growth focus; involvement with Stablecorp Digital Currencies Inc or QCAD; and the anticipated effects of the Company's integration of Canadian Dollar denominated products and solutions in growing the retail user base.
Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company having the ability to negotiate and enter into a definitive Licensing Agreement under the terms and timeline stated; the Company having the ability to maintain the terms and conditions of the Convertible Debentures and Warrants; the Company will continue its focus on Fintech R&D; the Company will continue providing regulated financial services based on blockchain technologies; and the Company's ability to maintain the continued growth of the Company, its brands, and customers base.
Readers are cautioned that the foregoing list is not exhaustive. 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.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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