- Wellfield Technologies (TSXV:WFLD) plans to launch an Ethereum-based gold ecosystem, after its acquisition of Tradewind Markets, in the midst of a broad-based crypto surge
- The company hopes to catalyze gold’s enduring power an asset class by streamlining the trading process compared with dealing with physical metal
- Wellfield Technologies is an R&D-focused fintech company operating in public blockchains including Bitcoin and Ethereum
- Wellfield Technologies stock (TSXV:WFLD) is down by 28 per cent year-over-year and by 86.86 per cent since inception in 2021
Wellfield Technologies (TSXV:WFLD) plans to launch an Ethereum-based gold ecosystem, after its acquisition of Tradewind Markets, in the midst of a broad-based crypto surge.
In February 2023, Wellfield acquired Tradewind Markets, a tech platform that facilitates the digitizing, trading, settlement and ownership of precious metals. Through Tradewind’s VaultChain blockchain technology, users can own physical gold and silver digitally, custodied by the Royal Canadian Mint, as easily as buying a derivative or shares in an ETF.
Wellfield will leverage Tradewind’s expertise to launch its Ethereum-based ecosystem by Q1 2024 highlighted by decentralized spot trading, a suite of gold-based decentralized financial services, and global 24/7 access.
Key benefits of tokenized over physical gold include:
- Greater accessibility through fractional ownership
- Lower fees because of blockchain’s efficiency
- Enhanced transparency and security because of the public and immutable nature of blockchain transactions
- Access to decentralized finance, opening gold up to untapped financial opportunities
- Ethereum is also one of the most developer-rich networks in the crypto space, hosting a long list of projects that have stood the test of time, including UniSwap, Decentraland and Chainlink
The company views the expansion as a key step in its “pursuit to unlock the power of decentralized finance and extend blockchain’s reach to global gold markets,” according to Friday’s news release. Potential investors can expect further updates leading up to the initial launch.
“While Bitcoin and cryptocurrencies have received deserved attention in recent years, today’s economic environment and recent all-time highs are a reminder that gold continues to be a highly demanded, trusted and enduring asset,” Levy Cohen, CEO of Wellfield Technologies, said in a statement. “By combining the strategic acquisition of Tradewind Markets with the public launch of our advanced decentralized finance technology, Wellfield is at the forefront of a transformative journey in the realm of tokenized, or blockchain-based, gold.”
“Our vision is to go beyond simply tokenizing gold,” Cohen added. “By leveraging decentralized finance to unlock unprecedented possibilities never seen before in the gold market, we are offering a chance to interact with gold in a new light. We are thrilled by the enthusiasm we have received from strategic partners and potential customers, and we are excited to share more announcements as we push ahead on this significant opportunity.”
Wellfield Technologies is an R&D-focused fintech company operating in public blockchains including Bitcoin and Ethereum. Wellfield offers a global platform for decentralized on-chain self-custody solutions, including Coinmama for retail investors with more than 3.5 million registered users, and Wellfield Capital for institutional and professional investors.
Wellfield Technologies stock (TSXV:WFLD) last traded at C$0.18 per share. The stock is down by 28 per cent year-over-year and by 86.86 per cent since inception in 2021.
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