Tencent-backed blockchain startup Everledger files for voluntary bankruptcy and liquidation

Backed by tech giant Tencent, the blockchain startup Everledger filed for voluntary bankruptcy and liquidation. This followed the failure to raise investor funding, reports SmartCompany.

On 31 March 2023, Everledger employees were notified of layoffs.

On 24 April, Vincents Chartered Accounts was appointed as the external administrator of the project.

The first creditors’ meeting is scheduled for 8 May.

Founded in 2015, Everledger developed a platform to monitor the provenance of luxury items such as diamonds, precious metals, artworks and collectible wines.

Over the next eight years the company raised $51.7 million from venture capital investors and $3 million in federal grants.

In 2019, Tencent led the startup’s $20 million Series A round.

In December 2022, one of the largest public mining companies, Core Scientific filed for bankruptcy in accordance withChapter 11 of the US Bankruptcy Code.