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Wellfield Reports Financial Results for the Third Quarter Ended September 30, 2022

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  • Wellfield generated Revenue of $19.3 million in Q3 2022.
  • Growth has continued into Q4 2022 – as previously disclosed, for the first half of Q4 2022, the Company generated $15 million in preliminary unaudited revenue1.
  • Wellfield is on track to continue growing revenue through 2023, driven by user acquisition, enhanced monetization of its over 3.5 million registered users, the growth of Wellfield Capital – the Company’s recently introduced institutional platform – and the launch of its proprietary blockchain protocols.

Toronto, Ontario–(Newsfile Corp. – November 29, 2022) – Wellfield Technologies, Inc. (TSXV: WFLD) (FSE: K8D) (the “Company” or “Wellfield“), today reported financial results for the quarter ended September 30, 2022. All currency references used in this news release are in Canadian dollars ($) unless otherwise noted.

Financial Highlights

  • Revenue of $19.3 million in Q3 2022, compared to revenue of $5.7 million in Q2 2022, and nil revenue in each of Q3 2021 and Q1 2022.
  • Net loss of $28.9 million in Q3 2022 (includes a non-cash intangible asset and goodwill impairment of $24.1 million), compared to a net loss of $3.8 million in Q2 2022, $1.0 million in Q3 2021, and $4.7 million in Q1 2022.

Recent Operating Developments

  • Coinmama is making progress on monetization efforts aimed at expanding its registered user base and promoting engagement to increase revenue. These initiatives include targeted growth campaigns, operational and product improvements, educational content to increase conversion and retention, and support for additional cryptocurrencies. Early indications are positive with the registered user base continuing to grow month-over-month, adding to the 3.5 million registered users that existed at the time of Coinmama’s acquisition by Wellfield.
  • Introduced the Coinmama financial app, which represents Coinmama’s first step towards a transformation into a mobile-first platform that leverages Wellfield’s unique decentralized services to give consumers a blockchain-powered alternative to centralized financial service providers and cryptocurrency exchanges.
  • Launched Wellfield Capital, a business focused on institutional and professional investors. Over the next several quarters, Wellfield Capital will be introducing new products and services designed specifically for this community, including unique services that leverage Wellfield’s decentralized blockchain technology.

Management Commentary

Levy Cohen, CEO of Wellfield commented, “During Q3, our team’s efforts translated into solid revenue in the context of lower overall revenues across the crypto space. Growth has continued into Q4, with preliminary unaudited revenue of $15 million in the first half of the quarter1, driven by both results at Coinmama and Wellfield Capital. We expect the results of our ongoing marketing efforts along with the launch of enhanced feature sets for both individual and institutional users, to translate into further revenue growth through 2023. In addition, we anticipate that recent market events will catalyze an accelerated shift of meaningful global crypto trading volume from centralized exchanges onto self-custody solutions like Coinmama and decentralized services from Wellfield Capital.”

About Wellfield Technologies (TSXV: WFLD) (FSE: K8D)

Wellfield is an R&D focused Fintech company that operates on public blockchains including Bitcoin and Ethereum. The Company operates a regulated platform that onboards customers globally at scale, leveraging its proprietary decentralized technology to offer highly disruptive on-chain self-custody solutions. Wellfield operates through two subsidiaries: Coinmama, which with a growing base of more than 3.5 million registered users, is one of the most trusted and enduring global brands operating in the crypto space; and Wellfield Capital, which the Company established in late 2022 to meet the needs of institutional users and professional investors.

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

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.

SOURCE Wellfield Technologies Inc.


1 From October 1st to November 13th.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146003

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

Correction: CBiGroup Completes $15M Series A Funding, Focuses on R&D

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correction:-cbigroup-completes-$15m-series-a-funding,-focuses-on-r&d

CBiGroup Completes $15M Series A Funding, Focuses on R&D

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Blockchain

COTI V2 changing private play on blockchain via encrypted circuit

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coti-v2-changing-private-play-on-blockchain-via-encrypted-circuit

COTI V2 is revolutionizing blockchain technology with private play through encrypted circuits, offering enhanced speed and efficiency. Currently, the Genesis builder network is live, and the company is inviting developers to join their program. The network supports private play upgrades for Ethereum.

As a privacy-focused Ethereum layer 2 solution, COTI V2 employs advanced encryption technology and encrypted circuits, enabling operations on all devices without compromising personal data.

The primary goal of COTI V2, as outlined in its whitepaper, is to address private play issues on blockchains. Developers can protect privacy through encrypted circuits. The COTI V2 Devnet provides a user-friendly, connectible EVM space (gcEVM) using the Solidity programming language.

Additionally, the COTI V2 network offers developers tools for privacy play with TypeScript and Python SDKs, along with EVM RPC, documentation, a faucet, an explorer, and Hardhat.

COTI has received positive feedback from Civic, a provider of Web3 identification toolkits.

The COTI Foundation plans to launch a privacy-focused growth fund, the ABC Growth Fund, allocating 400 million COTI tokens to provide real-time privacy services.

Developers using the COTI V2 builder network can explore use cases such as confidential DeFi, private payment transactions, stablecoins and RWAs, on-chain data control, confidential AI and machine learning, and decentralized identity recognition.

According to COTI CEO Shahaf Bar-Geffen, the COTI V2 builder and developer program is now available to the public, inviting developers to join the network.

Source: cryptonewsz.com

The post COTI V2 changing private play on blockchain via encrypted circuit appeared first on HIPTHER Alerts.

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Blockchain

Justin Sun Emphasizes the Importance of User Protection

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justin-sun-emphasizes-the-importance-of-user-protection

Justin Sun, the founder of the Tron Foundation, recently emphasized the critical importance of protecting users in the cryptocurrency sector. Drawing on the experiences of industry leaders like Jack Ma and Changpeng Zhao, Sun argued that prioritizing user safety above the interests of investors, partners, and employees is essential for building trust and ensuring the sector’s long-term sustainability.

He acknowledged that this focus is challenging but necessary for fostering a secure and reliable crypto environment. Sun’s perspective highlights the need for the crypto industry to evolve in a way that prioritizes user interests. He believes that learning from successful leaders can help guide this process. By adopting these principles, the industry can better protect its users and create a more trustworthy ecosystem. Sun’s advocacy for user protection underscores a broader vision of developing a safer, more user-centric cryptocurrency landscape.

His comments reflect a commitment to ensuring that the industry’s growth is not only rapid but also responsible and sustainable. This approach, according to Sun, will ultimately benefit everyone involved in the cryptocurrency space by fostering greater confidence and reliability in digital financial systems.

Source: blockchainreporter.net

The post Justin Sun Emphasizes the Importance of User Protection appeared first on HIPTHER Alerts.

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