Cover Technologies Inc. announced 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. 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.