London blockchain startup Everledger is the joint winner of BBVA's European Open Talent competition.

The startup, which uses blockchain technology to tackle diamond fraud and theft, will be awarded a €30,000 prize ($33,939) as well as an invitation to develop a project with the multinational bank.

Rounding off the competition series, with previous finals taking place in New York and Mexico DF, Everledger competed against fellow bitcoin and blockchain companies Safello and Vaultoro.

Everledger's win alongside Origin

– a marketplace that connects issues and investors in the corporate bond market – comes after bitcoin-based platform Bitnexo won the Latin America final of the competition alongside Chilean startup Destacame.

BBVA Ventures, the bank's private equity subsidiary, participated in Coinbase's $75m funding round. BBVA was also one of the nine banks partnering with R3CEV to develop a set of common blockchain standards.