Crypto News: Blockchain Company Everledger Files for Bankruptcy after Failing to Meet Investors’ Expectations
Blockchain company Everledger, based in Australia, has filed for bankruptcy after failing to meet investors’ funding expectations, according to a recent report by SmartCompany.
The company’s blockchain-powered platform tracks the origins of high-value assets, including luxury items, diamonds, top-notch wine, and high-end fashion.
Tencent, the Chinese tech giant that owns WeChat, led Everledger’s Series A funding round, which raised $20 million.
Since its inception in 2015, the Brisbane-based company has accumulated over $51 million.
However, Everledger’s latest funding round did not materialize, leading to layoff notices being sent to its employees on March 31.
The company joins the list of collapsed blockchain and crypto firms, including FTX, BlockFi, Voyager, and Celsius Network, that failed to survive in the face of the bear storm.
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