Everledger gets USD 20 mln from Fidelity, Tencent, Rakuten to track the provenance of goods

Thursday 26 September 2019 08:47 CET | News

Everledger, a UK-based blockchain startup, has attracted investment led by Tencent, American financial services corporation Fidelity, and Japanese electronic commerce company, Rakuten.

The USD 20 million in a Series A was announced by the startup which reiterated its commitment to transparency in supply chains through the use of blockchain technology. It also added that Tencent had now joined its board as part of the investment deal.

Everledger describes itself as an ‘independent technology company helping businesses surface and converge asset information, using a symphony of secure technologies, including blockchain, artificial intelligence, intelligent labelling, and Internet of Things’, according to Forbes.

Tencent is a major player in the Chinese economy with the company purported to be one of the first to receive the much-anticipated Chinese central bank cryptocurrency when it launches.

Regarding Rakuten, there have been news circling the company for some time now that they are building a cryptocurrency trading desk. Rakuten has also been garnering much interest in the blockchain sphere, as well as more recently the cryptocurrency space.

Back in 2016, Everledger also took part in an accelerator program run by Mastercard as it looked to grow its scope to other areas where provenance and transparency are of crucial importance such as minerals, luxury goods wine and art.

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Keywords: Everledger, Tencent, Fidelity, blockchain, Rakuten, crypto, ecommerce, funding, technology
Countries: World