PayPal Invests in Blockchain Startup Cambridge Blockchain

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 have not disclosed the funding amount, reports indicate that the company raised $3.5 million in new equity since the initial round. Cambridge Blockchain will use the new capital for hiring and research & development. It is also looking at expanding its workforce in many regions, including Beijing to work on early stage projects with manufacturing giant Foxconn.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *