Tencent, Fidelity back $20 million round for blockchain firm- Everledger.

In a ‘Series A’ round led by internet giant Tencent, Everledger, blockchain provenance startup has raised $20 million.

Everledger said Tencent in an announcement on Monday, has now joined its board as part of the investment deal and including Bloomberg Beta, , Fidelity, Rakuten, Vickers Venture Partners and Graphene Ventures also took part in the round of ‘series A’.

To verify the authenticity of diamonds, It set out as a platform using blockchain and it has since expanded to other areas such as goods wine , minerals , luxury and art where provenance and transparency are really necessary. The U.K.-based startup firm took part in an accelerator program run by Mastercard back then in 2016,

According to Leanne Kemp, founder and CEO of Everledger, said in the announcement that:

“Our commitment to global markets has increased owing to todays announcement whilst pushing up our industry momentum as we continue to build Everledger. A strong investor Cohort entrance into our firm at this stage in our development is important and encouraging to both validation of the innovation we’ve displayed to date, and a statement of future intent.”

Plans are on the way to launch Mini programs for blockchain – tracked diamonds called WeChat, Kemp also revealed . “To aid in more transparency and security when buying jewelleries, the WeChat services will enable it.” she said.

Everledger presence in China will further be strengthened with the entrance of Tencent as partners. Kemp further stated.

Discussing the reasons for backing the blockchain firm, Tencent chief strategy officer James Mitchell said,  “Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry.”

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Credit: Daniel Palmer

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