Chupi announces €3.75M financing for blockchain investments

02/14/2023 10:33 • NFT Newsflash • 162 views

It is reported that Chupi, a jewelry brand, announced the completion of 3.75 million euros of financing with the participation of Business Venture Partners (BVP), Abbey Finance and Permanent TSB (PTSB), which is also the first financing since the company was founded in 2013. Chupi said it would increase its investment in blockchain technology and use it to track and identify diamonds. （independent）

Jewelry brand Chupi has completed 3.75 million euro financing and will invest in blockchain technology to track diamonds

Interpret the above information:

Irish jewelry brand, Chupi, has secured €3.75 million in financing from Business Venture Partners, Abbey Finance, and Permanent TSB. The funding round marks the first capital investment since the company’s inception in 2013. The company plans to utilise the funding to enhance its resources for investing in cutting-edge blockchain technology, with a particular focus on diamond identification and tracking.

In the past few years, the diamond industry has come under intense scrutiny for issues such as conflict diamonds and opaque supply chains. Blockchain technology, which provides a secure and transparent record of transactions, is emerging as a viable solution to the issues faced by the industry. Chupi’s decision to direct resources towards integrating blockchain in diamond tracking is thus a strategic move to address this challenge head-on.

The involvement of Business Venture Partners, a global venture capital investment firm, underscores the potential of Chupi’s blockchain initiative. Blockchain technology has been widely recognised as a game-changing technology, and has attracted significant investment interest in various industries. Combining blockchain technology with fashionable jewelry provides an exciting opportunity for innovative business models.

Abbey Finance and Permanent TSB, two of Ireland’s largest financial institutions, also participated in the funding round. Their contributions signal a growing trend of mainstream financial institutions acknowledging and embracing the transformative potential of blockchain technology.

Chupi’s decision to intensify its investment in blockchain technology not only demonstrates a commitment to improving its ecological and ethical practices, but also its desire to innovate towards new standards of transparency and traceability in the jewelry industry. In an industry that has traditionally been associated with opaqueness and lack of transparency, Chupi’s investment in this cutting-edge technology comes as a refreshing change.

In sum, Chupi’s €3.75 million financing marks a significant milestone for the company as it strives to leverage blockchain technology to transform the jewelry industry. With the involvement of global venture capital investment firm BVP and major Irish financial institutions, Chupi’s foray into blockchain technology is a testament to the transformative potential of the technology, and signals a promising new direction for the jewelry industry.

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