SINGAPORE, – Jan. 23rd, 2019 – Today, Covalent Foundation announced its “150M COVA Buy-Back Program”. The buy-back program contains 3 phases, and Phase One will commence immediately. During Phase One, no less than 50 million COVA will be purchased from the secondary market in the next 5 days. These tokens will be used to set up the COVA DApp Ecosystem Fund, and will be stored in a publicly announced address at the end of Phase One.

According to the COVA Management Team, Phase One signifies the launch of the COVA DApp Ecosystem. The pace of Dapp development based on the Covalent Protocol has exceeded all expectations, and a few Mobile DApps will be available for downloads in early 2019. Due to this unexpected pace, the Management Team has decided to set up the COVA DApp Ecosystem Fund through immediate secondary buy-backs. The majority of the funding will be used towards incentivizing DApp development teams and towards Airdrops campaigns for driving DApp adoption.

Co-founder of COVA, Vincent Li, commented: “the COVA DApp Ecosystem will bring useful mobile DApps directly to the consumers, allowing users to spend COVA on such activities as playing games, or unlocking visual contents. The Ecosystem will become a premier entertainment platform for the crypto generation. At the same time, COVA will keep driving adoption of our Data Smart Contract technology among Enterprise clients. Finally, we hope that, through token buy-backs, we create more value for our long term stakeholders.”

Detailed plans for Phase Two and Three of the 150MM COVA Buy-Back Program will be announced at appropriate times through official channels.