Wellfield Updates on Its Bitcoin-DeFi Strategy and Patent Status

February 29, 2024 7:15 AM EST | Source: Wellfield Technologies Inc.

Toronto, Ontario--(Newsfile Corp. - February 29, 2024) -  Wellfield Technologies Inc. (TSXV: WFLD) (the "Company" or "Wellfield") is excited to announce progress in the patent application process for PCT/US2022/028228, now advancing into the late examination phase. This milestone reflects our commitment to innovation in Bitcoin, particularly within the realm of enabling Decentralized Finance solutions connected to Bitcoin (Bitcoin DeFi). Wellfield's innovative technology, central to this patent application, unlocks new possibilities for securely leveraging Bitcoin's value across DeFi applications in a completely automated and decentralized way. As Wellfield moves closer to bringing this proprietary solution to market, it is positioned to capture strong demand to integrate Bitcoin's liquidity and value into DeFi, marking a pivotal moment in Wellfield's journey to monetize its technology and acquisitions.

Management Commentary

Levy Cohen, CEO of Wellfield, commented, "Bitcoin is the most secure and decentralized blockchain, however its simplicity restricts its ability to support smart contract programming which is fundamental to DeFi. As Bitcoin continues to receive worldwide recognition and adoption as a legitimate asset class, we believe the next stage of its evolution will include strong demand to use Bitcoin in decentralized finance. We believe our innovative technology strategically positions Wellfield to capitalize on this emerging opportunity, bridging the gap between Bitcoin's foundational strengths and the dynamic world of DeFi."

Levy continued, "We are highly optimistic about the advancement of our patent application and very encouraged by recent discussions we have had to commercialize this solution with third parties, who share our vision to make Bitcoin DeFi broadly accessible. Executing our Bitcoin strategy is central to our cryptocurrency efforts and complements our recently announced gold tokenization 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

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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: its patent applications; discussions with third parties; the Company's ability to monetize its technology and acquisitions; 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 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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