Internet giant Tencent has led a USD$20 million funding round in British blockchain company Everledger.
Everledger was established in 2015, and applies blockchain technology to the management and tracking of supply chains. Its flagship product makes use of Hyperledger Fabric, with the IBM Blockchain Platform providing initial security.
Everledger said that it will use the proceeds of the latest funding round to improve the transparency, sustainability and traceability of global supply chains.
The investment puts Tencent on the Everledger board, with Everledger founder and CEO Leanne Kemp referring to their relationship as a “natural fit” while also hailing development opportunities in China.