Cover Technologies Inc. is a publicly traded company with its common shares listed on the Canadian Securities Exchange under the symbol "COVE".
Cover is a technology research and development company with a focus on emerging technologies and solutions. Under its MagOne Division, it is currently in the research and development phase of its magnesium processing technology, which is aimed to be the most environmentally friendly and sustainable producing technology of magnesium.
Upon closing of the acquisition of Flurbo in September 2021, Cover launched a new division named Nifty Division, dedicated to the development of non-fungible tokens ("NFTs") as well as related assets and technologies in the decentralized finance ("DeFi") category to add value to and complement its MagOne Division.
Mag One is a technology, processing & production company.
Cover Technologies is developing ElectrumX, a spot exchange for commodity minerals such as magnesium.
Through automated protocols enhanced by artificial intelligence, Cover Technologies is enabling lenders to provide short-term financing of commodities trades.
Whether as a matter of ethics, quality, or otherwise, the provenance of commodity minerals has never been more important than it is today.
Through the Nifty Division, Cover Technologies intends to develop technologies for NFTs as well as related assets and technologies in the decentralized finance category.
The global metal magnesium market size is projected to grow at a compound annual growth rate (CAGR) of 8.8%.
Increasing die casting requirements in automotive and various structural applications is projected to assist in the growth of the market for metal magnesium. Magnesium is one of the lightest materials and has an excellent strength to weight ratio.
High growth potential metal
Rapid commercialization through modular expansion
Environmentally sustainable production
It is Cover's strategic decision to vertically integrate a diversified and unified technology platform to complement its commodities technology business, unveiling a massive market opportunity by utilizing the power of blockchain technology.
Cover believes that its expertise and experience in the commodities business can be efficiently applied to the adoption and development of novel technologies to generate immense value for its stakeholders.