Blockchain traceability pioneer Everledger insolvent

In deep trouble, Everledgera company supported by the Australian government and the giant Tencent which exploits the blockchain technology to track diamondsamong others, was placed under voluntary administration .

This Monday, the daily Australian Financial Review reports that Everledger has been discreetly placed under voluntary administration, a regime in Australia designed to try to solve a company’s problems.

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Founded in London but now based in Brisbane, Everledger used blockchain technology to track the provenance of diamonds and other precious goods.

The company had collected more than 50 million dollars since its inception in 2015, including from the Australian government and the firms Tencent, Fenbushi Capital and Fidelity. It expected to receive a investment at the beginning of the year.

The second tranche of funding due to Everledger did not materialize and we subsequently understand that there are external reasons and pressures on this investor, which has put Everledger in a difficult and unexpected position,” the project’s founding CEO, Leanne Kemp, explained to theAFR.

The Australian company had no choice but to part with all of its staff. One of the difficult but critically important decisions was to to immediately dismiss the employees and to keep the company in the competent hands ofdirectors while the business of the company is finalized the leader said.

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Directors were appointed last month. The first meeting of the creditors should take place today.

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