Tencent-backed Everledger collapses amid lack of funding: Report
Everledger was quietly placed into insolvency after it didn’t manage to materialize its planned funding round from an undisclosed investor. The Australian blockchain company Everledger has reportedly entered insolvency proceedings after failing to raise new funding from an undisclosed investor. Everledger, which uses blockchain to track the provenance of diamonds and other goods, failed to make its latest funding round happen, the AFR reported on May 8. Subsequently, Everledger was quietly placed into voluntary administration as the firm could not pay its debts. All Everledger employees were given layoff notices on March 31, with Vincents Chartered Accountants being appointed as administrators on April 24. The first meeting of creditors was scheduled for May 8. According to Everledger founder Leanne Kemp, the company’s management was forced to take this decision to protect the interests of shareholders. “The second tranche of funding due to Everledger did not materialize, and subse...