Blockchain startup Everledger, which is backed by tech giant Tencent, informed its employees on March 31 of their layoff notices and has now filed for voluntary bankruptcy and liquidation.
This came as a result of the company’s inability to attract new investors and led to the filing for voluntary bankruptcy and liquidation.
Vincents Chartered Accounts was appointed as the external manager of the project, and the first meeting of creditors will take place on May 8.
Everledger was founded in 2015 and developed a platform for tracking the provenance of luxury items such as diamonds, precious metals, artwork, and vintage wines.
The company was able to raise a total of $51.7 million from venture capital investors and $3 million in federal grants. In 2019, Tencent led a $20 million Series A funding round.
The insolvency of Everledger follows the December 2022 Chapter 11 filing of Core Scientific, one of the largest public mining companies.
