Mr. Levy Cohen reports

WELLFIELD ADDS DIGITAL IDENTITY LAYER TO PORTFOLIO - SIGNS PARTNERSHIP, MAKES STRATEGIC INVESTMENT IN VERIF-Y, A US-BASED LEADER IN THE SECTOR

Wellfield Technologies Inc. has formed a strategic partnership with and made a strategic investment in Verif-y Inc., a U.S.-based leader in the digital ID (identification) space, which has developed and commercialized distributed digital identity and credentialling 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 U.S. mobile offering. Verif-y's services further advance Wellfield's mission to introduce decentralized products and services that enhance the scalability of defi (decentralized finance) 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.

Management commentary

Levy Cohen, chief executive officer 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 [non-fungible token] 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 U.S. 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 chief executive officer 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 [artificial intelligence] 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 U.S.-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."

About Wellfield Technologies Inc.

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 sector, building its branded applications and critical infrastructure solutions directly on public blockchains like bitcoin and ethereum.

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