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Wellfield Sees Continued Growth in Trading Volumes During Q4 – Expects Ongoing Shift Toward Safer Decentralized Alternatives

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  • As previously announced, Wellfield expects to report preliminary unaudited revenue of $19 million in Q3 2022. From October 1, 2022, to November 13, 2022, Wellfield has generated $15 million in preliminary unaudited revenue, driven by the performance of its Coinmama and Wellfield Capital business lines. In both Q3 and Q4 2022, the Company expects gross margin to be approximately consistent with Q2 2022.

  • The Company expects a meaningful portion of global crypto trading volume to continue shifting to decentralized solutions like Coinmama and Wellfield Capital, and off centralized exchange platforms, given recent market events, setting Wellfield up for a strong 2023.

  • Substantial launch pipeline on track, aimed at growing current base of 3.5M+ registered users and expanding average revenue per user – institutional services launched at the end of Q3, the Coinmama mobile financial app and decentralized wallet launching in Q4 2022, and the introduction of proprietary blockchain protocols beginning in early 2023.

Toronto, Ontario–(Newsfile Corp. – November 15, 2022) – Wellfield Technologies, Inc. (TSXV: WFLD) (FSE: K8D) (the “Company” or “Wellfield“), today announced that it has seen continued growth in trading volume in early Q4 2022. These results are a strong indication that the growth plan put in place following Wellfield’s acquisition of the Coinmama platform, which closed in May 2022, is bearing fruit. The Company has a robust user engagement and acquisition plan for 2023 across its Coinmama and Wellfield Capital business lines, which it expects will continue translating into revenue growth. It further expects that revenue will benefit from a market shift toward decentralized services and self-custody solutions, away from centralized exchanges (CEX), amid recent and ongoing market turmoil related to the collapse of one of the largest global CEX.

As a fundamental principle of operation, neither Coinmama nor Wellfield Capital take user deposits or any asset into custody, but rather deliver digital assets directly on chain to each owner’s wallet of choice.

Management Commentary

Levy Cohen, CEO of Wellfield, commented, “Recent market events are unfortunate not only for those who have presumably lost money through involvement in them but are also a black eye for the centralized exchange model. From inception, our team has subscribed to the philosophy of building solutions that would empower users rather than financial intermediaries, with adherence to the mantra – not your keys, not your coins. This commitment ensures we remain focused on building solutions that enable users to access familiar financial services more efficiently, with safety equal to or greater than what they would expect from their traditional financial institutions. Our path is the road less traveled but has the potential to significantly improve the financial service experience and delivery model while mitigating risk because of the safety inherent to this technology when used as designed. No intermediaries. No third-party custody. No customer deposits.”

Mr. Cohen continued, “While it may take some time for the overall market sentiment to recover from recent events and their ripple effects, Wellfield is on the path to solid growth in 2023, with Q4 off to a strong start following the implementation of growth initiatives after our acquisition of Coinmama. We have a robust launch pipeline over the next 12 months, including proprietary decentralized protocols that will provide a growing set of features offering an uncompromising alternative to centralized services provided today on exchanges. We expect these developments to drive enhanced user experience and choice while building up our average revenue per user. In addition, we expect recent market events to drive an acceleration in global market trading volume toward decentralized, self-custody solutions like Coinmama and Wellfield Capital. Despite the unfortunate aspect of recent market events, Wellfield is building with user control and safety squarely in focus. We expect the next 12 months to be very active for our company and an exciting period of value realization for Wellfield shareholders.”

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About Wellfield Technologies (TSXV: WFLD) (FSE: 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.

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]

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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.

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SOURCE Wellfield Technologies Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144218

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund

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Helsinki-based Equilibrium Ventures (EQV), a new seed-stage venture capital fund focused on the crypto sector, has successfully closed the first round of its €30 million fund, raising €6 million from limited partners (LPs). This milestone highlights growing interest in blockchain startups and a promising future for the European crypto ecosystem.

The fund is led by an experienced team of partners: Mika Honkasalo, Henrik Sundvik (formerly of Bain & Company), and Christopher Ahn (ex-Molten Ventures investor). Equilibrium Ventures aims to attract and support founders with deep technical expertise in blockchain technologies, covering areas such as zero-knowledge proofs and smart contracts, essential for developing advanced blockchain solutions.

Equilibrium Ventures has attracted a diverse group of backers, including strategic investors, family offices, and notable LPs like Sebastien Borget, co-founder of the metaverse platform The Sandbox. This support underscores the fund’s credibility and signals growing confidence in crypto investments despite recent market challenges.

Dedicated to crypto infrastructure, Equilibrium Ventures emphasizes rigorous technical due diligence and value addition for pre-seed and seed engineering firms. With a network of about 70 blockchain engineers, mainly based in Europe, the fund is well-positioned to help startups develop robust blockchain technologies.

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The renewed interest in venture capital investment in blockchain, bolstered by evolving regulatory landscapes in the US and Europe, is expected to increase investor confidence in the crypto sector. Equilibrium Ventures, with its technical expertise and strategic support, is poised to become a significant player in Europe’s crypto venture scene.

Looking ahead, Equilibrium Ventures aims for a second close by the end of this summer, targeting 80% of the total fund. This progress indicates strong momentum and the potential for significant contributions to the European blockchain ecosystem.

Source: arcticstartup.com

The post New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund appeared first on HIPTHER Alerts.

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Blockchain

Riot Platforms Acquires 14% Stake in Bitfarms Ltd.

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Riot Platforms, Inc. has announced its acquisition of a 14% stake in Bitfarms Ltd., as detailed in a recent press release by Riot Platforms. This move aligns with Riot’s strategy to influence corporate governance within Bitfarms.

Acquisition Details

On June 13, 2024, Riot Platforms purchased 1,432,063 common shares of Bitfarms Ltd., representing about 0.35% of Bitfarms’ issued and outstanding common shares. The shares were bought on the Nasdaq Stock Market and other open markets at an average price of approximately $2.70 per share, totaling $3,870,293.46.

Before this acquisition, Riot held 56,194,973 common shares of Bitfarms, equating to 13.65% ownership. With the new shares, Riot now holds 57,627,036 common shares, resulting in a 14% stake in Bitfarms.

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Strategic Intentions

Riot Platforms intends to call a special meeting of Bitfarms’ shareholders to nominate several independent directors to the board, citing concerns over Bitfarms’ corporate governance. Riot seeks to influence Bitfarms’ strategic direction and enhance its governance standards.

Riot is continuously reviewing its investment in Bitfarms and may adjust its position based on factors such as market conditions and the company’s financial status. Potential actions include increasing or decreasing its stake, entering into hedging transactions, or proposing additional strategic measures.

Forward-Looking Statements

The press release includes forward-looking statements subject to risks and uncertainties, reflecting Riot’s current expectations and assumptions. Riot cautions investors to consider these risks before making investment decisions.

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Riot’s vision is to become the leading Bitcoin-driven infrastructure platform, focusing on a vertically integrated strategy with Bitcoin mining operations in Texas and electrical switchgear engineering in Colorado.

Source: blockchain.news

The post Riot Platforms Acquires 14% Stake in Bitfarms Ltd. appeared first on HIPTHER Alerts.

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Blockchain

Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation

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The Manta Foundation has launched its $50 million EcoFund to build a robust ecosystem for leading blockchain projects, as per Manta Network. This initiative demonstrates the foundation’s commitment to funding opportunities and developer support for innovative blockchain ventures.

Funding and Support Opportunities
Starting June 15th, the one-year EcoFund will offer significant financial support through its Ecosystem Grant Program, which provides early-stage projects with grants of up to $50,000. This initial funding is crucial for bringing innovative ideas to life.

Additionally, the EcoFund dedicates $35 million for direct investments in promising projects on the Manta Network. These strategic investments aim to foster high-growth ventures that align with Manta Network’s long-term objectives, promoting a collaborative and mutually beneficial environment.

Diverse Project Focus
The Manta Foundation supports a broad range of projects across sectors such as DeFi, Gaming, NFTs, and more. These initiatives are chosen for their potential to drive consumer adoption and significantly enhance the Manta Network ecosystem.

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Applications for the EcoFund are accepted on a rolling basis, ensuring ongoing funding and support opportunities. The foundation prioritizes projects with robust business models and scalability, aiming to ensure the ecosystem’s financial health and sustainability.

Specialized Funding Categories

In addition to general grants, the EcoFund targets specific high-growth areas:

– AI/DePIN: Focused on using AI and Decentralized Physical Infrastructure Networks for sustainable solutions.
– Zero-Knowledge: Investments in zero-knowledge technology to boost privacy and security in the blockchain space.
– Memecoins: The Moon Mission Grant supports the development and growth of meme projects on Manta Pacific, fostering a vibrant memecoin culture.

Events and Hackathons
To further enrich the ecosystem, the Manta Foundation has allocated $5 million for online and offline events and hackathons. These events aim to attract new developers and users, fostering a culture of innovation and collaboration within the Manta Network community.

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Source: blockchain.news

The post Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation appeared first on HIPTHER Alerts.

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