According to a statement from Everledger, despite raising more than $54 million in outside investment.
The company faces an acute lack of operating funding, which led to its decision to file voluntary bankruptcy.
Everledger ceased active operations and sent out a notice of termination to employees as early as March 31. On April 24, Vincents Chartered Accounts was named liquidator of the startup.
One of Everledger’s main sponsors was China’s Tencent Corporation, owner of the WeChat messenger-based ecosystem.
Everledger is believed to have lost support from the corporation after Tencent’s blockchain business head Cai Yige, who founded his own Web3 Wallet Punk Code project, left the company earlier this year.
Everledger has been developing blockchain projects to track luxury goods such as diamonds, precious metals, high-end fashion, art and wine.