Verif-y: Wellfield adds Digital Identity Layer to Portfolio - Signs Partnership, Makes Strategic Investment in Verif-y, a US-Based Leader in the Sector

Wellfield and Verif-y believe that digital identity solutions ("Digital ID") are a core requirement for the full potential of decentralized finance ("DeFi"), Web3 and the Metaverse to be realized. Through this relationship, Wellfield has secured a competitive advantage in digital identity solutions as the global need for provable and secure credentialing becomes more evident and strong consumer demand to control personal digital identity emerges. This Strategic Partnership will provide the necessary regulatory scale to support MoneyClip's expansion plans, and enable Verif-y to incorporate portions of the MoneyClip app into their mobile offering in the US to scale their payment capabilities. TORONTO, Feb. 28, 2022 /CNW/ - Wellfield Technologies Inc. (TSXV:WFLD) (FRANKFURT: K8D) (the "Company" or "Wellfield"), is pleased to announce a strategic partnership with, and strategic investment in, Verif-y Inc. ("Verif-y") a US-based leader in the Digital ID space, that has developed and commercialized Distributed Digital Identity and Credentialing 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 US mobile offering (the "Strategic Partnership"). Verif-y's services further advance Wellfield's mission to introduce decentralized products and services that enhance the scalability of DeFi, 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, CEO 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 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 US. We expect this Strategic Partnership to both enable speed to scale at MoneyClip, while bringing a meaningful product ...Full story available on Benzinga.com