Blockchain
Wellfield Announces $19 Million Preliminary Unaudited Revenue in Q3 2022 – Launches Global Growth Strategy
- Q3 2022 is the first period that includes full quarter results from Coinmama, which the Wellfield acquired at the end of May 2022. The Company expects gross margin in Q3 to be approximately breakeven, consistent with Q2 2022.
- The Company’s early initiatives to grow revenue, users, and engagement have been successful, and are expected to accelerate during Q4 with the launch of its mobile financial app.
- Wellfield is on track to continue growing quarterly recurring revenue in Q4 and through the remainder of 2023 driven by organic and new paid user acquisition, enhanced monetization of its over 3.5 million registered users, the introduction of institutional products and services, and the launch of Wellfield’s proprietary blockchain protocols to its consumer and institutional users.
Toronto, Ontario–(Newsfile Corp. – October 21, 2022) – Wellfield Technologies, Inc. (TSXV: WFLD) (FSE: K8D) (the “Company” or “Wellfield“), today announced Preliminary Unaudited Revenue of $19 million for the three-month period ended September 30, 2022. This compares to revenue of $5.7 million in Q2 2022 (includes one month of Coinmama results), and nil revenue in Q1 2022. The Company will release its full financial results for the third quarter during the final week of November. All figures in this press release are in Canadian Dollars ($)
Management Commentary
Levy Cohen, CEO of Wellfield commented, “The efforts of our global team and the strength of the Coinmama brand, translated into solid Q3 preliminary unaudited revenue against the backdrop of lower overall revenues across the crypto space. We have been persistently executing since closing this acquisition and fully expect Coinmama and the introduction of Wellfield Capital to drive significant revenue growth and accelerate our path to positive cash flow over the next several quarters.”
Mr. Cohen continued, “Coinmama, our consumer brand, is one of the most enduring and trusted brands for global consumers, with one of the highest Trustpilot scores in our industry. Our global growth strategy to drive both short-term success and sustainable recurring revenues on this foundation is straightforward and achievable. The first phase is focused on user growth and retention, which will launch in Q4. The second phase is centred on the introduction of an enhanced feature set that will deliver new opportunities for our users to cut costs, earn more and maintain control of their digital assets. Users will be able to save, earn yield, trade crypto assets, make payments to merchants, transfer funds to each other, lend and borrow, all from one location, without giving up custody of their funds. We expect the next 12 months to be very active for our company and an exciting period of value realization for Wellfield shareholders.”
About Wellfield Technologies (TSXV: WFLD) (FSE: K8D)
Wellfield builds advanced technology that uses blockchain to create and bridge to the next generation of financial solutions for institutions and consumers. The Company has strong academic and development expertise in the rapidly growing blockchain sector, building its branded applications and critical infrastructure solutions directly on public blockchains like Bitcoin and Ethereum.
Join Wellfield’s digital community on LinkedIn and Twitter, and for more details, visit wellfield.io
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
[email protected]
Jonathan Ross, Investor Relations
[email protected]
(416) 283-0178
For media enquiries, please contact Kieran Lawler:
[email protected]
(416) 303-0799
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, the integration, expansion and continued revenue generation of Coinmama, and the anticipated strategic, operational and competitive benefits of the Acquisition;. 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 and Coinmama’s business and results of operations; the anticipated launch of products may not be realized as intended or at all; the strategic, operational and competitive benefits of the Acquisition may not be realized; 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 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.
SOURCE Wellfield Technologies Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/141411
Blockchain
Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
The post Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety appeared first on HIPTHER Alerts.
Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
Blockchain
Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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