London based blockchain provenance startup Everledger has raised $20m in a Series A financing led by Tencent. loomberg Beta, Rakuten, Fidelity, Graphene Ventures and Vickers Venture Partners also took part in the round. The startup set out as a platform using blockchain to verify the authenticity of diamonds, and his since expanded to other areas where provenance and transparency are of key importance such as minerals, luxury goods wine and art.
Kemp also revealed that her firm will launch a WeChat Mini Program for blockchain-tracked diamonds. Th service is aimed to enable WeChat users to “buy jewellery with more transparency and security,” she said. With Tencent now a partner, Kemp further said the relationship will help Everledger strengthen its presence in China. Discussing the reasons for backing the blockchain firm, Tencent chief strategy officer James Mitchell said, “Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry.”