Everledger, the blockchain provenance start-up, has received $20 million in a Series A funding round hosted by Tencent, the internet giant. 

In an announcement made on Monday, Everledger stated that Tencent has united with its board as a part of the investment deal. Rakuten, Graphene Ventures, Bloomberg Beta, Fidelity, and Vickers Venture Partners also participated in the funding round. 

The start-up, based in the UK, rolled out a platform with blockchain technology primarily for verifying the authenticity of diamonds, and later expanded to other sectors where transparency and provenance are the crucial factors, like luxury goods, wine, art, and minerals. Earlier in 2016, the firm supported and participated in an accelerator program hosted by Mastercard. 

Founder and CEO of Everledger, Leanne Kemp, said:

“Today’s announcement amplifies our commitment to global markets, whilst fuelling our industry momentum as we continue to build Everledger. Having this strong investor cohort join us at this stage in our development is both validation of the innovation we’ve displayed to date, and a statement of future intent.”

Kemp also added that her company will soon release a WeChat Mini Program for diamonds that are tracked on blockchain. The service is intended to allow the users of WeChat to buy jewelry with better security and transparency. 

Now that they have Tencent as a partner, Kemp noted that the collaboration will allow Everledger to strengthen its presence in China. 

James Mitchell, the chief strategy officer at Tencent, while giving the reasons for backing the blockchain firm, Everledger, said:

“Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry.”