- Wellfield and Verif-y believe that digital identity solutions
("Digital ID") are a core requirement for the full potential of
decentralized finance ("DeFi"), Web3 and the Metaverse to be
realized.
- Through this relationship, Wellfield has secured a competitive
advantage in digital identity solutions as the global need for
provable and secure credentialing becomes more evident and strong
consumer demand to control personal digital identity emerges.
- This Strategic Partnership will provide the necessary
regulatory scale to support MoneyClip's expansion plans, and enable
Verif-y to incorporate portions of the MoneyClip app into their
mobile offering in the US to scale their payment capabilities.
TORONTO, Feb. 28, 2022 /CNW/ - Wellfield Technologies Inc.
(TSXV: WFLD) (FRANKFURT: K8D) (the "Company" or "Wellfield"), is
pleased to announce a strategic partnership with, and strategic
investment in, Verif-y Inc. ("Verif-y") a US-based leader in
the Digital ID space, that has developed and commercialized
Distributed Digital Identity and Credentialing Services that are
already in use by established financial institutions and government
entities.
Verif-y will provide its Identity Authentication and
Verification capabilities to Wellfield, to be integrated into the
Company's MoneyClip app, and Wellfield will provide Verif-y with
MoneyClip's back-office functionality to be integrated into
Verif-y's US mobile offering (the "Strategic Partnership").
Verif-y's services further advance Wellfield's mission to
introduce decentralized products and services that enhance the
scalability of DeFi, while ensuring security and privacy. As part
of the Strategic Partnership, Wellfield and Verif-y have entered
into a definitive agreement whereby Wellfield will purchase a
minority interest in Verif-y.
Management Commentary
Levy Cohen, CEO of Wellfield commented, "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. 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."
Ed Zabar, Founder and CEO of
Verif-y added, "Verify's primary goal is the same today as
it was when the company was founded - to give people control over
their identity, while maintaining privacy and leveraging
Machine Learning, AI and blockchain technology to create a
more efficient identity authentication process for all
stakeholders. Today, digital identity solutions are less consumer
centric and more driven by institutions who are focused on
fulfilling regulatory obligations. In Wellfield, we see a
company that is building the next generation of financial
products and a management team that shares our consumer centric
focus and vision for the future. We are also excited to incorporate
components of the MoneyClip app into our US-based mobile offering
to improve our payment services. We are excited to initiate this
Strategic Partnership and look forward to deepening
our relationship over the coming months and years."
About Verif-y
Verif-y is on a mission to give people back control of their
digital identity while streamlining compliance and credentialing
solutions for organizations. Organizations who request and
receive access to this verified information are able to improve
their on-boarding speeds, increase administrative efficiencies and
materially reduce their compliance and privacy regulation burdens.
Verif-y's solutions are used in sectors including: financial
services, healthcare, and education.
For consumer KYC purposes, Verif-y's technology scans all major
global identity documents, which are processed using our layered
OCR and machine learning technologies. Layering additional image
analysis, credit card, selfie comparisons, and other solutions
allows Verif-y's clients to quickly and accurately identify bad
actors attempting to circumvent their onboarding and identity
verification processes. With customized rules, communication
preferences, and flexible algorithms, Verif-y's screening solutions
serve each client's specific operational and regulatory/compliance
needs.
Verif-y's AML technology screens end users against a plethora of
sanction databases sourced from regulatory authorities, third
parties and government sites from around the world. These include
OFAC, EU, UK, OSFI and hundreds more. Names are scanned against
these lists as well as against Verif-y's internal lists instantly
and flagged if appropriate.
About Wellfield Technologies (TSXV:WFLD; FRANKFURT:
K8D)
Wellfield builds advanced technology that uses blockchain to
create the next generation of financial solutions for institutions
and consumers. The Company has strong academic and development
expertise in the rapidly growing Decentralized Finance (DeFi)
sector, building its branded applications and critical
infrastructure solutions directly on public blockchains like
Bitcoin and Ethereum.
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",
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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 prepared in accordance with the policies of the TSXV
and other disclosure documents 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.
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Provider (as that term is defined in the policies of the TSXV)
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SOURCE Wellfield Technologies