The latest report unveiled that the blockchain startup Everledger raised $20 million in Series A from financial services company Fidelity, Japanese e-commerce giant Rakuten, and Chinese internet giant Tencent.
Three high-profile companies are now backing the blockchain-based Everledger which witnessed their interest in the emerging crypto and blockchain industry. As part of the investment deal, Tencent will be a board member. Other investors in the funding round were Bloomberg Beta and Graphene Ventures and Vickers Ventures Partner.
Everledger was founded by Australian businesswoman Leanne Kemp back in 2015 with a mission to track and verify the provenance of diamonds which was later expanded into other similar assets including minerals, luxury goods wine and art. With that being said, the firm by using blockchain technology essentially serves crucial ownership information of the assets to producers, retailers, and consumers. It is also said that the firm uses artificial intelligence, intelligent labeling and Internet of things besides blockchain technology at the core.
After raising millions from top three giants, founder, and CEO of Everledger Leanne Kemp says that;
“Today’s announcement amplifies our commitment to global markets, whilst fueling our industry momentum as we continue to build Everledger. Having this strong investor cohort join us at this stage in our development is both validations of the innovation we’ve displayed to date, and a statement of future intent.”
Each company that backs Everledger has considerable involvement in the crypto and blockchain space. As a major internet company in China, Tencent is reportedly a big fan of the Chinese upcoming cryptocurrency. As for Rakuten which is famously known as the Amazon of Japan has acquired a country’s local exchange Everybody’s Exchange and launched its exchange for crypto spot trading.
Besides, the name Fidelity, a Wall Street brokerage performs pretty well in crypto industry with its crypto arm, Fidelity Digital Assets Services (FDAS). The platform, Fidelity Digital Assets was initially launched in October last year and has already applied to the New York Department of Financial Services (NYDFS) for a trust license. If received, the firm will be able to serve its services to New York traders.
As for Everledger, the firm also aims at launching a WeChat Mini Program for blockchain-tracked diamonds which will allow WeChat users to “buy jewelry with more transparency and security”.
Image Source – Flickr