Business & Finance

Tencent and Everledger Partnership Can Bring Diamond Authentication to WeChat

A British blockchain startup Everledger has raised a 20-million-dollar in series A round led by the Chinese internet giant Tencent. The company is developing the next-gen supply chain management system on the blockchain.

According to a press release, the company has said that after the round, Tencent has acquired a seat on the firm’s board. Everledger is working on supply chain management tech for Diamonds and other precious gems to fast track the authentication of these diamonds from inception to the point of sale. The company is very excited to partner up with Tencent, which is one of the world’s biggest internet companies and a front runner in the Chinese market.

The funding secured by Everledger will be used by the company in the development of their platform to increase the security, traceability, and sustainability of their global supply chain network with their tech. The founder and CEO of the company Leanne Kemp highlighted how important Tencent’s partnership with Everledger is, she explained how the partnership can be beneficial to both the companies. Kemp even said:

Everledger and Tencent are a natural fit.

She also explained that both companies fit well into their ecosystems. While Everledger can help Tencent with their blockchain tech, Tencent being one of the biggest companies in China can provide Everledger a swift entry into the Chinese market.  Everledger has been developing its diamond and other precious gem tracking system on blockchain for some while now. Now the company plans to use their blockchain-powered diamond application on WeChat. Kemp Stated:

As an example, we will launch the world’s first WeChat Mini Program for blockchain-enabled diamonds, uniting key stakeholders in the diamond value chain, which aims to empower WeChat users to buy jewelry with more transparency and security.

Eye Candy for Investors:

Tencent is not the only high-profile investors in the company, the company also received investment from major companies like the Japanese retailer Rakuten, and the American Investment group Fidelity investments. The firm also received funding from Bloomberg Beta, a venture fund created by the Bloomberg group. The company also received funding from Singapore based Vickers and Graphene Ventures according to the press release.

Founded in 2015 for the past 4 years the company had been rolling out their own supply chain management system for precious gems. The company has become a leading distributor of blockchain-based supply chain management solutions, since its tech for tracking diamonds hit the market in May 2018. The company boasts a series of big clients as well as a robust and safe system. At the moment, the company is working on making the system more reliable and safer.

The company’s supply chain management system is based upon the Hyper-ledger fabric, coupled with the IBM blockchain platform which provides an extra layer of security on it. The company works closely with IBM on its R&D efforts for their blockchain platform. The CEO of the company Leanne Kemp also serves on the board of the blockchain advisory committee for IBM. The company also utilizes AWS’s infrastructure in their platform as well. Although the collaboration appears to be quite suitable, let’s see if Everledger and Tencent shake hands in the future.

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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