Wellfield Announces wGLD: Digital Gold Now Available on Blockchain

March 28, 2024 8:30 AM EDT | Source: Wellfield Technologies Inc.

Toronto, Ontario--(Newsfile Corp. - March 28, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (FSE: K8D) (the "Company" or "Wellfield"), proudly announces wGLD, available now at www.wellfield.gold and soon accessible to Coinmama customers through Coinmama.com. This release signifies a pivotal advancement in Wellfield's effort to establish an open and liquid DeFi gold ecosystem on Ethereum. In line with the Company's previously announced DeFi Layer 2 Initiatives, wGLD launched on Optimism-a leading Ethereum Layer 2 blockchain. Management's focus now shifts to growth and launching DeFi protocols that seamlessly connect wGLD to decentralized trading, lending, borrowing, and yield-generation opportunities.

This launch is part of Wellfield's strategy to establish two blockchain-based gold ecosystems tailored to support distinct investing communities: wGLD as the foundation for a global and open gold ecosystem for the DeFi community on Ethereum, and VaultChain Gold on the Tradewind Ledger, a closed precious metals trading platform available exclusively to Custodial Participants of the Royal Canadian Mint and their clients.

Management Commentary

Levy Cohen, CEO of Wellfield, shared, "Today's launch of wGLD marks a significant milestone in our mission to empower the DeFi community by making physical gold more accessible, affordable, and profitable in its digital form. By merging physical gold with decentralized finance, we aim to onboard a new and vibrant community of investors to blockchain and DeFi. We are focusing on consistent, iterative execution on our gold strategy, and we look forward to keeping stakeholders updated with our ongoing development as we pursue exciting opportunities ahead."

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 growth and monetization of the tokenized gold ecosystem; Tradewind Ledger upgrades; Wellfield's DeFi protocols; successful commercialization on the Optimism and Ethereum blockchains; success commercializing new value propositions and acquiring new customers; 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203442