Everledger, an Australian blockchain technology company, fell into financial distress this month when it filed for bankruptcy and liquidation, unable to secure the necessary investor funds. Everledger had previously raised $20 million in its Series A funding round and $51 million in total since 2015, according to a SmartCompany report. However, their latest attempts to secure funding were unsuccessful, leading to layoff notices being sent to employees on March 31st.

Since its foundation back in 2015, Everledger had been developing a platform that used blockchain technology to trace and authenticate the origin of high-value assets such as diamonds, luxury items, and fine wine. Tencent, the Chinese tech giant that owns WeChat, had been a major investor and supporter of the project, providing a portion of the necessary funds. The Brisbane-based firm had also secured a $3.5 million grant from the UK Government’s Future Fund in 2021.

However, Everledger’s failure comes as no surprise when one considers the bear market’s impact on the blockchain and crypto sectors. Numerous other companies have also fallen victim to the difficult conditions, such as FTX, BlockFi, Voyager, and Celsius Network. As the industry looks to move forward, it will inevitably have to absorb the cost of failed projects such as Everledger.



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