Major online payments company PayPal officially invested in a blockchain-based startup. The startup focuses mainly on providing users with more control over their digital identities. In our latest cryptocurrency news, we read more about the investment.
According to news reports, PayPal invested in an A-Series funding round in the startup. Cambridge Blockchain managed to raise about $7 million a year ago. Neither of the companies disclosed the amount of the investment. However, according to the US SEC, the startup raised $3.5 million over the past nine months.
Cambridge Blockchain’s first round of funding in 2018 included multiple blockchain-based companies. One of them includes VC Digital Currency group which is the iPhone manufacturer from Taiwan. Also, tech investment company Partech Ventures was among the participants.
The added $3.5 million in the A-Series extension includes a new investment. This addition comes from the investment company Omidyar Network besides PayPal. Regarding the new investment, a PayPal official stated:
“We made an investment in Cambridge Blockchain because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal.”
Cambridge Blockchain joined IBM, MasterCard, and Microsoft recently for collaboration as an NGO named Decentralized Identity Foundation. PayPal will mainly focus on exploring how the blockchain can be used for financial applications.
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The startup, on the other hand, focuses on blockchain-powered identity projects. The startup will also use Series A funding on research and development. They also aim to expand in Paris, Bejing, and Boston.
Forbes notes that the CEO of the startup Matthew Commons collaborated with PayPal in 2018. He was the co-host of the Fintech Europe accelerator which helps startups to fight with the harsh data privacy framework. The General Data Protection Regulation has brought many problems for startups in Europe.
As previously reported, Luke Nosek, the PayPal co-founder also stated their plans to issue a digital currency, separated from banks.
PayPal has a number of active users of about 260 million and has now launched a blockchain-based reward system.
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