PayPal – one of the world’s biggest payment processors – has made its first investment in blockchain technology.
Cambridge Blockchain is a digital identity enterprise software provider. The start-up announced in a press release this week that industry giant PayPal has now joined its ‘Series A’ funding round.
The investment will see both companies exploring potential collaborations to leverage blockchain technology.
Cambridge Blockchain’s solutions harness the potential of blockchain to deliver strong digital identities at a global scale and meet the increasingly stringent data privacy obligations across the world.
Previously, Coin Rivet has discussed how blockchain technology can help improve authenticity when it comes to digital identity and record keeping while simultaneously eliminating bureaucracy and fraud.
Cambridge Blockchain has specific experience in designing software systems to share identity data across European financial institutions.
It combines blockchain technology with an off-chain personal data service which lets it create an independent source of validation through the network effects of trusted parties, natural persons, legal entities, and devices.
Identity data is reliably and flexibly managed and secured which leads to seamless transactions, operational efficiency, and strong privacy.
Cambridge Blockchain’s Series A funding round already includes investments from Omidyar Network and fintech firm Flourish as well as Foxconn’s HCM Capital, Partech Partners, Future/Perfect Ventures, and Digital Currency Group.
Matthew Commons, CEO of Cambridge Blockchain, commented: “Our service helps streamline digital identity compliance while giving customers control over their identity data.
“We are honoured by PayPal’s vote of confidence, and we look forward to their support and guidance.”
It remains to be seen how PayPal’s investment will aid Cambridge Blockchain in developing technology that could help improve identity management and data privacy.
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