Cover Technologies Begins Development of ElectrumX Metals Spot Market Under Leadership of New CTO Steven Dryall
VANCOUVER, British Columbia, Sept. 22, 2021 (GLOBE NEWSWIRE) — COVER TECHNOLOGIES INC. (CSE: COVE) (OTC: MGPRF) (Frankfurt: 304A) (the “Company” or “Cover”) is pleased to announce that it has commenced development of ElectrumX, a blockchain-based platform for tracking and transacting commodity minerals with features to include a spot market and integrations with third-party decentralized finance (“DeFi”) solutions. The development and launch of ElectrumX is being led by blockchain and digital currency visionary Steven Dryall, who was appointed Chief Technology Officer (“CTO”) of the Company on September 21, 2021 in connection with the Company’s acquisition of the Flurbo Technology from Nifty Technologies Inc. (“Nifty”), as announced in a press release dated September 15, 2021.
An overview of the ElectrumX platform and its features is provided below.
Mineral Data Recording and Indexing: Stakeholders throughout the mineral supply chain (e.g., miners, processors, refiners, etc.) will have the ability to seamlessly enter provenance data, recorded on an immutable distributed ledger (blockchain) to enhance visibility into the origins of a given unit/allotment of minerals, as well as the sourcing practices used to obtain it. This data will be accessible on the ElectrumX spot market and can be used as criteria for placing trade orders (e.g., a market order for magnesium produced specifically in a given region, or by an artisanal miner whose sourcing practices have been verified as sustainable).
Spot Market for Minerals: Users of the ElectrumX spot market will have the ability to trade various minerals represented through digitized cryptographic instruments with near-instant delivery. The ElectrumX spot market will offer several advantages compared to incumbent spot markets for mineral commodities to include lower fees, faster transaction speeds, and greater visibility into the minerals being transacted with the ability to automatically filter transactions or searches based on verified provenance data.
DeFi Integrations: Various DeFi solutions allow for standalone tools or technologies to be added on a modular basis to enhance the functionality of the base solution (e.g., a DeFi lending protocol can integrate a third-party tool to ensure loan collateral is free of encumbrances). These ancillary features are commonly referred to as “Legos”, an analogy to the popular interlocking plastic brick toy collection. For DeFi solutions which handle or facilitate transactions of minerals, it will be possible to integrate data feeds from ElectrumX to allow mineral traders and investors to benefit from in-depth insights collected and held by ElectrumX.
In 2020, the World Economic Forum recognized the opportunities for blockchain to bring value to players in mining and metals after releasing a proof of concept for emissions tracing that same year1. Cover expects that ElectrumX will launch in approximately Q2 2022, and will complement its existing activities in the minerals space.
Mr. Dryall, who was recognized by the Royal Canadian Mint as a contributor to the evolution of currency, has an established legacy in areas of fintech to include blockchain, cryptocurrency, and digitized commodities. Over two decades, Mr. Dryall has held founding or executive roles in firms to include Confluent Technologies, Nikola Tesla Unite, and Incipient Industries. Mr. Dryall was a named contributor to The WealthTECH Book (Wiley, 2018), and from 2012 to 2014 was the editor of Coineer Magazine (predecessor to NewsBTC Canada). Additionally, Mr. Dryall has been a speaker and panelist at numerous blockchain, fintech, and entrepreneurship events worldwide. As CTO of Cover, Mr. Dryall will be instrumental to the development of ElectrumX and 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, “I am grateful to have the opportunity to be part of the Cover Technologies team, as I have long been a supporter of blockchain technologies as well as an enthusiastic contributor to their many potential use cases. Markets for minerals such as magnesium can benefit significantly from digitization through blockchain-based technologies such as ElectrumX, and I believe that with the collective acumen of our management team in fintech, commodities, and blockchain, we can bring significant value to the commodities space this way.”
On behalf of the Board of Directors of the Company,
COVER TECHNOLOGIES INC.
Dorian Banks, CEO
For further 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 with a focus on emerging technologies and solutions. In addition to the current research and development on its magnesium processing technology, Cover Technologies is in pursuit of identifying opportunities in emerging technologies. For further information or questions regarding the Company kindly contact the Company via email at [email protected]. Additional information can be found by viewing the Company’s filings at www.sedar.com.
Information set forth in this press release may involve forward-looking statements, including statements relating to the securities of the Company trading on the CSE. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. In this case, disclosure about the development of ElectrumX is a forward-looking statement, and there is a risk that the development may not occur on schedule or occur as planned, and there is a risk that such event(s) occurring or not occurring (whether at all or as planned) may have adverse unforeseen impact on the Company, its market for securities, and/or its future business prospects (which include fundraising and operational matters). Forward-looking statements are made based on management’s beliefs, estimates, and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates, and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. For further information on risk, investors are advised to see the Company’s MD&A and other disclosure filings with the regulators which are found at www.sedar.com.