Blockchain startup joins Allianz’s fintech acceleration team

     Bitcoin startup Everledger has joined a startup acceleration cohort held by insurance and financial services company Allianz France.

     The news was announced on December 3rd, and six startups will move to the workspace located in the Allianz Riviera stadium in France. Members of the acceleration team will have the opportunity to receive advice and investment through the company's network. According to the website, the program will last for five months.

     London-based Everledger uses blockchain technology to create a certified registry of diamonds, and in an interview with CoinDesk in August, CEO Leanne Kemp also mentioned the application, calling it “jewelry meets blockchain.”

     The group includes five other startups: Dreamquark, Finsquare, Qualisteo, Wever and Wicross. Allianz said the selection process for the group began in October and more than 100 startups were eager to apply to join.

     Everledger joins the team after a three-month agreement with UK-based Barclays expired.

     A new group of startups has joined the financial technology acceleration program as Munich-based companies look to change.

     According to Reuters, the Allianz Group (of which Allianz France is a subsidiary) recently announced plans to improve productivity by restructuring its business. The group, which had revenue of 12.2 billion euros in 2014, will try to cut production costs by 1 billion euros in the next three years.

     Everledger did not immediately respond to requests for comment.