- 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.
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."
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", "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 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.
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.