Wellfield Technologies Inc. (TSXV:WFLD) builds advanced technology that uses blockchain to create the next generation of financial solutions for institutions and consumers.
On February 28, Wellfield Technologies announced a strategic partnership and investment with Verif-y Inc., a US-based leader in the Digital ID space. Verif-y has developed and commercialized Distributed Digital Identity and Credentialing Services that are already being used by established financial institutions and government entities. Through the agreement, Wellfield will also purchase a minority interest in Verif-y.
Verif-y will provide its authentication and identity verification capabilities to Wellfield, which will be integrated into Wellfield’s MoneyClip app. The company will provide Verif-y with MoneyClip’s back-office functionality to be integrated into Verif-y’s US mobile offering.
The partnership offers Wellfield a competitive advantage in digital identity solutions, at a time when the need for verifiable and secure credentialing becomes more and more evident and strong consumer demand to control personal digital identity arises. The arrangement also helps further advance Wellfield‘s mission to introduce decentralized products and services that enhance DeFi’s scalability while ensuring security and privacy.
“We strongly believe that the proliferation of scalable, reliable identity authentication and verification is a necessary precursor for the true potential of decentralized solutions on blockchain to be realized,” said Wellfield CEO Levy Cohen. “We expect distributed identity technology to evolve beyond today’s simple NFT solutions, towards portable, private, and secure Digital ID that gives consumers the sovereignty to choose how they reflect themselves as they directly engage with communities and entities in DeFi and the Metaverse.”
“We are excited to partner with Verif-y, to integrate solutions into MoneyClip and to assist Verif-y as they incorporate portions of the MoneyClip app into their mobile offering in the US. We expect this Strategic Partnership to both enable speed to scale at MoneyClip, while bringing a meaningful product advantage to make distributed identity safe, easy, and commercially viable. We look forward to continuing to strengthen the relationship and see the potential for further partnership and an integrated offering as we look to enter new markets over time,” Cohen added.
Wellfield’s Plans Are Progressing
Earlier in February, Wellfield Technologies’ wholly-owned subsidiary MoneyClip joined Paytechs, a non-profit member association comprised of leaders from Canada’s fintech, payment processing and finance industries. Paytechs mission is to drive continuous improvement and innovation in the Canadian payment ecosystem. This aligns with Wellfield‘s multi-year plan to transform its MoneyClip application into a one-stop solution providing consumers with access to a full range of decentralized finance (DeFi) and traditional financial services.
On February 8, Wellfield introduced a cash balance incentive plan for MoneyClip. This feature rewards users for cash balances in MoneyClip app. It follows Wellfied’s December 2021 announcement that it had concluded its initial period of rigorous testing of the MoneyClip app in partnership with early adopters and launched a critical growth phase. The introduction of this feature is the first step in MoneyClip’s evolution towards traditional financial offerings powered by blockchain and DeFi infrastructure.
“Our vision for MoneyClip is to build it into the ultimate everyday financial application powered by blockchain, with a consistent focus on delivering value for users. Part of the promise of DeFi is that it can offer consumers the same products and services they are used to in the world of traditional finance, but with a better user experience. Savings and transaction accounts are the hubs that link most consumer’s financial lives together,” said Chanan Steinhart, Founder of MoneyClip and Chief Strategy and Business Development Officer of Wellfield. “The addition of a balance incentive feature to MoneyClip is the first milestone in our journey to build MoneyClip into an application that works for the way people live – offering easy access to, and control over their money, and paying them while they wait. This is also expected to support our efforts to grow MoneyClip’s user base as we launch awareness programs through 2022 and introduce new features.”
Wellfield has appointed world-renowned computer science and cryptography researcher and professor Marshall Ball as its fourth advisory board member. This follows the appointments of global payments and fintech leader William Keliehor, world-renowned computer science expert Amir Shpilka and global financial leader and professor Tamir Agmon at the end of 2021.
SOURCE Wellfield Technologies Inc. (TSXV:WFLD)
