Tencent-Backed Everledger Faces Bankruptcy
Cai Yige, the former head of Tencent's blockchain business, has left the company to found web3 wallet Punk Code, following his departure at the beginning of the year. Meanwhile, Everledger, an Australian blockchain technology firm supported by Tencent, has filed for bankruptcy nd liquidation due to insufficient investor funds.
Everledger was established in 2015 by Leanne Kemp, former Queensland chief entrepreneur. The company initially used blockchain technology to trace the origins of diamonds and other precious materials, later expanding to track luxury items like high-end fashion, art, and wine.
Tencent, the owner of social media giant WeChat, was one of Everledger's most prestigious backers, leading the firm's $20 million Series A round in 2020 and matching $3.5 million secured through the UK Government's Future Fund in 2021.
As Cai Yige embarks on his new venture with Punk Code, it remains to be seen how the bankruptcy and liquidation of Tencent-backed Everledger will affect Tencent's blockchain investment strategy moving forward.
Tencent, the owner of social media giant WeChat, was one of Everledger's most prestigious backers, leading the firm's $20 million Series A round in 2020 and matching $3.5 million secured through the UK Government's Future Fund in 2021.
As Cai Yige embarks on his new venture with Punk Code, it remains to be seen how the bankruptcy and liquidation of Tencent-backed Everledger will affect Tencent's blockchain investment strategy moving forward.
