Blockchain Verification System for Vintage Sneakers Launch By Chronicled

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Chronicled, which has developed a full hardware and software platform for authentication, tracking, and social engagement around collectible and vintage sneakers using Blockchain technology has announced that it has closed a Series Seed financing, raising an additional $3,425,000. The round was led by  a prominent Hong Kong-based venture capital firm, with participation from New York city based investment firm Colbeck and San Francisco based Pantera Capital, a leading investor in Blockchain technology.  All three investors have participated in previous financing rounds for Chronicled.

“Chronicled has built a strong team and continues to deliver on product, engineering, and operational performance milestones,” said Dan Morehead, Partner at Pantera Capital.  “Collectible and vintage sneakers are just the beginning.  The intersection of the consumer Internet of Things and blockchain is going to be a big trend over the next decade.  Authenticity verification and provenance of luxury goods and other physical items is a huge untapped market, and due to privacy concerns consumers will want to own the data history associated with their physical property, which is a benefit of a blockchain-based back-end.”

Chronicled, founded in September 2014, has established a world-class product development and engineering team in Silicon Valley and since the Company’s soft launch at the annual CES Convention in Las Vegas in January 2016, Chronicled has authenticated thousands of pairs of collectible sneakers.  The Chronicled App is currently available in the Apple App Store and Google Play Store.

Chronicled intends to use the proceeds of the financing to build up its customer base, to implement a first-of-its-kind encrypted BLE tagging solution, and to expand its data and analytics capabilities.  The Company will be launching its sneaker authentication service in the NYC area in April 2016 and is offering authenticity tags to consumers at Sneaker conventions and through partnerships with selected sneaker resellers and retailers.  Chronicled is also actively exploring partnerships with sneaker brands to include authenticity chips at point of manufacture, as it demonstrated with its successful Beastmode x GREATS partnership last year.

“Chronicled represents a unique and exciting way for collectors and marketplaces dealing in high-end consumer goods to offer a guarantee of authenticity,” saidSong-Yi Zhang of Mandra Capital.  “Markets in the US and Asia alike have been in need of such a solution for a very long time, and we see great opportunity for this technology in our region.”

The collectible consumer goods market exceeds, by some estimates, $1 trillion in annual transactions, with high-end sneakers accounting for upwards of $1 billion of this total. In recent years, counterfeit goods – in some cases nearly indistinguishable from the genuine item – have become a rapidly growing problem, cheating customers of billions of dollars annually. In response to this growing crisis, Chronicled believes its platform can re-establish trust among consumers and strengthen connections between brands and their customers.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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