Lack of Investor Funds Pushes Everledger Into Bankruptcy

  1. Everledger has filed for bankruptcy and liquidation.
  2. This was a call made due to lack of investor funds.
  3. The company sent layoff notices to its employees on March 31.

Another blockchain company takes a hit following the brutal crypto winter of 2022. Everledger, the Australian blockchain technology company filed for bankruptcy and liquidation earlier today. 

According to the tweet and article above, Everledger sent layoff notices to its employees on March 31, 2023. To highlight, the Brisbane-based company, which utilized blockchain technology to trace the provenance of diamonds and other precious materials, had expanded its services to include tracking of luxury items such as high-end fashion, art, and wine.

Everledger, a blockchain startup founded by former Queensland chief entrepreneur Leanne Kemp, has entered voluntary administration due to the failure of expected investor funding to materialize. 

Despite raising over $51.7 million in external investment and $3 million from the federal government’s blockchain pilot grant, the latest funding round from an undisclosed investor failed to occur, leading to the company’s voluntary administration. So, the Tencent-led company had no choice but to take this path due to a lack of investor funds. 

Everledger’s holding company, based in the UK, is not currently in administration, according to the Australian Financial Review. Employees of the company were given redundancy notices on March 31, and Vincents Chartered Accounts was appointed as administrators on April 24.

Although blockchain companies were once the talk of the town, receiving large investments and coverage, they have fallen on harder times over the past 18 months as belts have tightened. The collapse of FTX has not helped dispel suspicions around the blockchain and cryptocurrency sectors. 

Locally, cryptocurrency “Earn” products from Swyftx, Finder, and Block Earner have come under the regulatory hammer of ASIC since late December. This is also the latest in an increasingly long line of Australian startups shutting down. In the last few weeks alone, we have seen the collapse of Milkrun, Providoor, CoLab, and BoozeBud.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.