Everledger, a Brisbane-based startup that used blockchain to track the provenance of diamonds and other precious goods, has entered voluntary administration as of May 2023 after anticipated investor funding fell through. This occurred despite backing from the Australian federal government and Chinese tech giant Tencent. The company, founded in 2015, was forced to cease operations, resulting in layoffs affecting its entire workforce, though specific employee numbers were not disclosed. The shutdown highlights the challenges faced by tech startups in securing sustained investment, even with high-profile support and innovative applications in the blockchain and supply chain tracking industry.
