Tencent Spearheads $20 Million Funding into Everledger Blockchain, Becomes a Member of Board

In the latest case of a multi-million investment round of a blockchain startup, Everledger receives a whopping $20 million in its series A investments. They announced on Monday that Tencent is now a member of Everledger’s board. This makes it a member among other giants like Bloomberg Beta, Fidelity, Vickers, Rakuten, Graphene Ventures, and Venture Partners.

Leanne Kemp, CEO and Founder of Everledger, explained that Tencent and Everledger share the same ideas and strategies, and she expresses Everledger’s intent on strengthening its presence in China now that it has Tencent to back it up.

Diamonds (And Blockchain) Are Forever

Everledger started almost five years ago in 2015. It utilizes a Hyperledger Fabric-based platform to track and verify assets and the owners. Its rise to prominence began with the company employing the blockchain to prove the authenticity of diamonds. The platform proved so successful in ensuring the value of products that it has spread to other items that needed similar services: rare minerals, high-class art, gemstones, e-waste management, and even fine wines.

The firm was even taken in by Mastercard in its accelerator program, something that helped push the company to even greater heights even faster. Everledger is a testament to how a great idea will always succeed when executed properly.

As the company continues to grow, Everledger started to get their hands on other pieces of pie. Things like Artificial Intelligence, intelligent labeling technology, and even the famous Internet of Things

Now with the help of Tencent, they want to step into the Chinese market by making use of Tencent’s popular chatting platform, WeChat, to create a mini-program within the chatting service where users can safely buy blockchain-verified diamonds with ease and security.

That coupled with the rather impressive user base WeChat already has, and the opportunity shows clear and immediate appeal to both Everledger and Tencent.

Tencent’s Blockchain Ventures

Along with Everledger, Tencent has already invested in other blockchain-related companies. One of the most recent ones would be the blockchain-gaming platform Immutable.

One of Tencent’s largest shareholders, Naspers, partook in a hefty $15 million investment into the gaming company. Most of the funds will be put back into Immutable’s flagship game, Gods Unchained, as well as the Immutable Platform the gaming company plans to release for other developers.

The company also worked with Shenzen’s Tax Bureau to create a blockchain-based invoicing system for the city. With this, they plan to implement it within the city’s transport system, from taxis to subways to even airports.

Its BaaS (Blockchain as a Service) sports its own competitive protocols, and the company is also subject to the great rumor mill. Speculations have been made that Tencent is one of the seven issuers of China’s digital currency.

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Ali Raza
Ali Raza
A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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