Wellfield Announces Strategic DeFi Layer 2 Initiatives on Optimism

March 26, 2024 8:30 AM EDT | Source: Wellfield Technologies Inc.

Toronto, Ontario--(Newsfile Corp. - March 26, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (FSE: K8D) (the "Company" or "Wellfield"), is excited to announce significant developments launching key initiatives exclusively within the Optimism ecosystem, a leading Ethereum Layer 2 (L2) solution. These initiatives, which have been in active development for some time, include the imminent rollout of Wellfield's tokenized gold ecosystem, a strategic upgrade of the Tradewind Ledger, Coinmama's self-custody wallet, and Wellfield's decentralized finance (DeFi) protocols. Wellfield's strategic decision to invest in the Optimism Superchain ecosystem aims to lay the foundation for significant scale, leveraging shared network effects and a constantly improving development stack with industry-leading networks like Coinbase's Base and others.

Levy Cohen, CEO of Wellfield, shared his enthusiasm for this strategic commitment, "We are at a pivotal moment in the evolution of DeFi, where rollups are emerging as the cornerstone of Ethereum's vision for a scalable, secure, and sustainable ecosystem. Wellfield's dedication to enabling our users to confidently own digital assets and engage with decentralized finance compels our adoption of Layer 2 solutions. We have chosen to commit our platforms to the Optimism ecosystem, drawn by the impressive pace of development of the OP Stack, our alignment with the Optimism Collective's Superchain vision, and our conviction in the Optimism ecosystem's technical ability to support our ambitious business goals while providing an exceptional user experience for our customers. We are confident that Optimism will stand the test of time and achieve its vision, aligning with our mission to build lasting products that make DeFi accessible for everyone."

Tokenized Gold Ecosystem: Wellfield Technologies Inc. is set to launch wGLD, tokenized gold on Ethereum, distinct from the Tradewind Ledger and VaultChain™ Gold which is only accessible onchain by the Royal Canadian Mint's Custodial Participants. This initiative, aimed at creating a globally accessible, highly liquid suite of gold-based decentralized finance (DeFi) solutions, will live exclusively on the Optimism Superchain.

Tradewind Ledger Upgrade: Wellfield Technologies Inc. is enhancing the Tradewind Ledger, a real-world-asset tokenization platform with our flagship VaultChain™ Gold. This upgrade sees the existing enterprise blockchain, which currently secures ~$130M of digitized precious metals, shift to a new L2 solution based on Optimism's OP Stack to support a suite of onchain trading and lending solutions.

Coinmama's Self-Custody Wallet: Slated for release in summer 2024, the Coinmama Mobile App offers the perfect mix of simplicity and security, combining Fireblocks' non-custodial wallet-as-a-service with the Optimism Superchain. Supporting Bitcoin and with exclusive integration of the Optimism Superchain, Coinmama customers bypass complexities and high fees on the Ethereum Mainnet to instantly access user-friendly DeFi on Optimism.

Innovative DeFi Protocols by Wellfield: Apart from our digital gold initiatives, Wellfield is set to launch two transformative crypto-centric DeFi protocols: a liquidity management protocol enhancing LP positions on Uniswap, and a protocol for leveraging Bitcoin's value in DeFi automatically and securely. Both will be natively deployed on the Optimism Superchain, with rollouts planned for the second half of the year.

About Wellfield Technologies

Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions that leverage blockchain technology for consumers and institutions. Our retail platform Coinmama provides seamless access to the cryptocurrency market for over 3.8 million registered users across 180 countries, including friendly self-custody solutions and disruptive DeFi services. Wellfield operates Tradewind Markets as a real-world-asset tokenization platform with our flagship VaultChain™ Gold and VaultChain™ Silver, backed by physical metal custodied with the Royal Canadian Mint. Expanding our offerings for institutional clients, we acquired Brane Trust and are working towards regulatory approval to operate as 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: the tokenized gold ecosystem; Tradewind Ledger upgrades; the Coinmama Mobile App; Wellfield's DeFi protocols; successful commercialization on the Optimism and Ethereum blockchains; other future product launches; 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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