VANCOUVER, British Columbia, September 22, 2021 (GLOBE NEWSWIRE) – COVER TECHNOLOGIES INC. (CSE: COVE) (OTC: MGPRF) (Frankfurt: 304A) (the âCompanyâ or âCoverâ) is pleased to announce that it has started the development of ElectrumX, a blockchain-based platform for the tracking and transaction of basic minerals with functionality to include a spot market and integrations with third-party decentralized financing (âDeFiâ) solutions. The development and launch of ElectrumX is being led by blockchain and digital currency visionary Steven Dryall, who was appointed Chief Technology Officer (âCTOâ) of the company on September 21, 2021 as part of the acquisition by the Flurbo technology company of Nifty Technologies. Inc. (“Nifty”), as announced in a dated press release September 15, 2021.
An overview of the ElectrumX platform and its features is provided below.
Recording and indexing of mineral data: Stakeholders throughout the mineral supply chain (for example, miners, processors, refiners, etc.) will have the ability to transparently enter provenance data, recorded on an immutable distributed ledger (blockchain) to improve visibility into the origins of a given unit / attribution of minerals, as well as on the sourcing practices used to obtain it. These data will be accessible on the ElectrumX spot market and can be used as criteria for placing commercial orders (for example, a market order for magnesium produced specifically in a given region, or by an artisanal miner whose sourcing practices have been verified to be sustainable).
Minerals Spot Market: ElectrumX spot market users will have the ability to trade various minerals represented by digitized crypto instruments with near instant delivery. The ElectrumX spot market will offer several advantages over the established spot markets for mineral commodities, including lower fees, faster transaction speeds, and greater visibility into minerals in trade with the ability to automatically filter transactions or searches based on verified provenance data.
DeFi integrations: Various DeFi solutions allow to add stand-alone tools or technologies on a modular basis to enhance the functionality of the base solution (for example, a DeFi loan protocol can integrate a third-party tool to ensure that the loan collateral is free of any charge). These ancillary features are commonly referred to as “Legos,” an analogy to the popular collection of interlocking plastic brick toys. For DeFi solutions that manage or facilitate mineral transactions, it will be possible to integrate ElectrumX data feeds to enable mineral traders and investors to benefit from in-depth information collected and held by ElectrumX.
In 2020, the World Economic Forum recognized opportunities for blockchain to bring value to mining and metals players after it released a proof of concept for emissions tracing in the same year.1. Cover expects ElectrumX to launch around the second quarter of 2022 and complement its existing minerals business.
Mr. Dryall, who has been recognized by the Royal Canadian Mint as a contributor to the evolution of currency, has an established heritage in the fintech fields to include blockchain, cryptocurrency, and digitized goods. For more than two decades, Mr. Dryall has held founding or executive positions at companies such as Confluent Technologies, Nikola Tesla Unite and Incipient Industries. Mr. Dryall was an appointed contributor to The WealthTECH book (Wiley, 2018), and from 2012 to 2014 was editor-in-chief of Currency Magazine (predecessor of NewsBTC Canada). In addition, Mr. Dryall has been a speaker and panelist at numerous blockchain, fintech and entrepreneurship events around the world. As Cover’s CTO, Mr. Dryall will be instrumental in the development of ElectrumX and the management of the company’s existing technologies to include all blockchain intellectual property acquired from Nifty.
Regarding his appointment as CTO of Cover, Steven Dryall commented: âI am grateful to have the opportunity to be part of the Cover Technologies team, as I have been a long-time supporter of blockchain technologies as well as a enthusiastic contributor to their many potential uses. case. Markets for minerals such as magnesium can benefit significantly from digitalization through blockchain-based technologies such as ElectrumX, and I believe that with the keen sense of our leadership team in the fintech fields, commodities and blockchain, we can bring significant value to the commodities space. manner.”
1 – https://www.weforum.org/press/2020/12/blockchain-can-trace-carbon-emissions-for-mining-metals-companies-proof-of-concept-released/
On behalf of the Board of Directors of the Company,
COVER TECHNOLOGIES INC.
Dorian Banks, CEO
For more information, please contact:
Cover Technologies Inc. Investor Relations
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About Cover Technologies Inc.
Cover Technologies Inc. is a technology research and development company focused on emerging technologies and solutions. In addition to ongoing research and development on its magnesium processing technology, Cover Technologies seeks to identify opportunities in emerging technologies. For further information or questions regarding the Company, please contact the Company by email at [email protected]. Additional information can be found by consulting the documents filed by the Company at www.sedar.com.
The information contained in this press release may involve forward-looking statements, including statements relating to the securities of the Company traded on the CSE. Forward-looking statements are statements that relate to future events and not past. In this context, forward-looking statements often deal with the expected future business and financial performance of a company and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect” and ” intend â, statements that an action or eventâ could â,â could â,â could â,â should âorâ will âbe taken or occur, or other similar expressions. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other future events, to be materially different from results, performances. or future achievements expressed or implied by these forward-looking statements. These factors include, among others, the following risks: risks associated with the marketing and sale of securities; the need for additional financing; dependence on key personnel; the potential for conflicts of interest between certain officers or directors with certain other projects; and the volatility of the price and volume of common stocks. In this case, the disclosure about the development of ElectrumX is a forward-looking statement, and there is a risk that the development will not occur on time or as expected, and there is a risk that such events will or will not occur. not produce. (either at all or as expected) may have an unforeseen negative impact on the Company, its securities market and / or its future business prospects (which include fundraising and operational matters). Forward-looking statements are based on the beliefs, estimates and opinions of management as of the date the statements are made and, except as required by law, the Company assumes no obligation to update any forward-looking statements. if those beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against assigning undue certainty to forward-looking statements. For more information on risks, investors are invited to consult the Company’s management report and other information documents filed with regulatory bodies which can be found at www.sedar.com.