Wellfield Launches Critical Growth Phase for MoneyClip App

  • The Company has concluded its initial period of rigorous testing in partnership with early users of the App and will be launching an upgraded user interface and new connectivity features in Q1 2022, to support enhanced usability, brand awareness and scalability as new blockchain infrastructure is integrated over the next 12 months.

  • Wellfield’s vision for the MoneyClip app (“MoneyClip” or the “App”), is to build it into the ultimate everyday financial application powered by blockchain, giving consumers easy access to, and greater control over their money by harnessing the full value and flexibility offered by decentralized finance (“DeFi”).

  • The Company has also initiated an engagement program that is dually focused on the expansion of the App’s user base and its evolution from a peer-to-peer (P2P) payment app to a broader financial app, powered by blockchain infrastructure.

  • MoneyClip has launched a new website at moneyclip.io.

VANCOUVER, BC, Dec. 24, 2021 /CNW/ – Wellfield Technologies Inc. (TSXV: WFLD) (the “Company” or “Wellfield“), is pleased to announce that its wholly-owned subsidiary, MoneyClip Inc. has launched an intensive engagement program, focused on growing its user base and signing retail partners as it prepares for the introduction of additional functionality through 2022.

MoneyClip is available to download in Canada, for iOS and Android users. The App currently offers P2P payment functionality, and Wellfield has a multi-year plan to add functionality that is aimed at making MoneyClip a user’s primary financial interface. Wellfield expects to offer enhanced versions of financial products and services currently available to Canadian consumers only through traditional channels, by leveraging smart contracts and other DeFi infrastructure built by the Company’s Seamless brand and through partnerships and integrations with third parties in the DeFi ecosystem.

Management Commentary

Chanan Steinhart, Founder of MoneyClip and Chief Strategy and Business Development Officer of Wellfield commented, “During our latest rounds of user research and testing we’ve seen a marked shift in the Gen Z demographic. As recently as this past spring, most viewed blockchain as a high risk and speculative ecosystem. Now, many see blockchain and DeFi as a legitimate global financial system that is beginning to offer the products and services their parents receive at the local branch and online, but with attractive and sustainable economic incentives, and the user experience they’ve come to expect as mobile native consumers. We are positioning ourselves to capture this consumer shift in banking and finance. Our vision for MoneyClip is to build a full-service financial application that is the best of all worlds – built for Canadians, adherent with local regulation, and powered by global DeFi markets to give our users complete control and flexibility over their money.”


Mr. Steinhart continued, “We are building MoneyClip to make Canadians’ money highly efficient and productive. To do this, we’re starting off 2022 by launching new engagement efforts and executing on a development roadmap of products and services that offer better yield, no lockups, easy payments, fair loans, and bulletproof security – all powered by DeFi and blockchain infrastructure. In 2021 the core blockchain infrastructure needed to support these features did not exist, but thanks to Wellfield’s Seamless branded IP and recent developments by other peers in the space, our vision for MoneyClip can become a reality.”

Wellfield Launches Critical Growth Phase for MoneyClip App – Moving Rapidly Toward Traditional Finance Offerings Powered by Blockchain and DeFi Infrastructure (CNW Group/Wellfield Technologies)

About MoneyClip

Background

Blockchain, combined with the power of the internet, has the power to reinvent the world’s financial systems, moving intermediaries aside and creating a decentralized financial system that has the capacity to remove frictions and costs, improve security, and enhance trust. The advanced infrastructure required to create end to end solutions and open new avenues for decentralized financial services are only beginning to be commercialized, and just like the early internet, these networks are missing compelling applications that make the technology relevant for people’s everyday lives. Today’s blockchain applications focus on speculative use cases rather than offering traditional finance solutions powered by decentralized finance.

Vision

Wellfield has built MoneyClip with the vision of creating an everyday financial application powered by blockchain, that can act as a primary point for consumers to secure and utilize their money. The App currently offers P2P payment functionality, and Wellfield has a multi-year plan to integrate new blockchain infrastructure, as it becomes available, to provide consumers with access to a full range of DeFi and traditional finance services.

The solutions provided through the App are powered by decentralized protocols developed in house by the Company’s wholly owned subsidiary Seamless Logic Software Ltd. (“Seamless”) and other partnerships and integrations with third parties in the DeFi ecosystem.

About Wellfield Technologies

Wellfield is focused on unlocking the power of decentralized finance (DeFi) by building open and accessible decentralized protocols and also blockchain based consumer products. Seamless – the Company’s protocol layer brand – focuses on solutions that enhance and optimize liquidity in the Ethereum ecosystem, make Bitcoin compatible with DeFi, and enable decentralized cross blockchain exchange. MoneyClip – Wellfield’s application layer brand – is powered by DeFi to enhance everyday financial products and make money work for the way people live.

Cautionary Notice

A listing application prepared in accordance with the policies of the TSXV (the “Listing Application”) is available on the Company’s SEDAR profile, available at www.sedar.com, and contains additional information regarding Wellfield.

The contents of this press release are expressly qualified by the disclosures and contents of the Listing Application and readers are encouraged to review the Listing Application. Investors are cautioned that, except as disclosed in the Listing Application, any information released or received with respect to the Wellfield may not be accurate or complete and should not be relied upon. Trading in the securities of Wellfield should be considered highly speculative.

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

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Wellfield’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 Company’s success in launching the protocols and other technologies and utilities discussed herein. 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. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; the impact of COVID-19; 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 Listing Application accessible on the Company’s SEDAR profile at www.sedar.com. 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.

SOURCE Wellfield Technologies

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