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.
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.”
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.