Wellfield Partners with Banxa to Drive Coinmama's Growth

February 20, 2024 7:15 AM EST | Source: Wellfield Technologies Inc.

Toronto, Ontario--(Newsfile Corp. - February 20, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (the "Company" or "Wellfield") is pleased to announce its partnership with Banxa (TSXV: BNXA) aimed at driving growth for Coinmama, Wellfield's wholly owned subsidiary. In 2023, Wellfield completed a significant operational reorganization at Coinmama to improve efficiency and reach operational profitability, while also laying the groundwork for new product expansion and user growth initiatives. The partnership with Banxa begins new efforts for accelerated user growth, bringing Banxa's latest product enhancements to Coinmama's platform and strengthening Coinmama's position in the cryptocurrency market.

Levy Cohen, CEO of Wellfield, commented, "At Coinmama, simplifying our customers' blockchain journey is fundamental to our global appeal. Our partnership with Banxa underpins our commitment to future growth and operational strength, enhancing our trusted brand that brings millions of people onto the blockchain. Banxa's global Fiat-to-Crypto onboarding reach combined with our global brand and cutting-edge new products and services positions Coinmama for significant growth."

Holger Arians, Chairman and CEO, added, "Banxa prides itself for providing one of the industry's most robust Fiat-to-Crypto onboarding solutions for some of the biggest cryptocurrency brands like MetaMask, OKX, Trust Wallet and now Coinmama. Our recent product enhancements and regulatory milestones demonstrate Banxa's attraction as strategic partners for leading cryptocurrency businesses and we are proud to partner with Wellfield to support the growth and expansion of their globally recognized brand, Coinmama."

Direct Benefit to Coinmama Customers

Through Wellfield's partnership with Banxa, bolstered by their robust regulatory solutions and operational excellence, Coinmama customers receive access to a premier gateway for seamlessly transferring funds into the blockchain. Combined with our recently announced and future product enhancements, Banxa's efficient fund transfer process and advanced tools enable Coinmama to deliver a secure, compliant, and unparalleled journey into the blockchain ecosystem.

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 Company Limited 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
(832) 483-2575

Ryan Graybill, Investor Relations

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: reentry into the UK market through third party business relationships; objectives of the Company and business; expansion of product offerings; the Company's ability to grow its user base, revenue-generating potential, and competitive differentiation through the integration of Fireblocks' and Banxa's solutions into Wellfield's subsidiary businesses; the anticipated strategic, operational and competitive benefits of recent business developments, 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.

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