Payments giant PayPal has just made its first investment in a blockchain company called Cambridge Blockchain. The startup is focused on leveraging blockchain technology for controlling user identities. PayPal is part of the Series A funding round in Cambridge Blockchain.
While PayPal and Cambridge Blockchain
PayPal is focused on using this investment to explore the use of blockchain for digital identities that could benefit financial services. Notably, Cambridge Blockchain is part of the Decentralised Identity Foundation, along with Microsoft, IBM, Mastercard and others. The foundation wants to help build an open ecosystem which seeks to give individuals more control of their identities.