US-based online payment company PayPal has invested in a blockchain start-up called Cambridge Blockchain which specializes in online identification technology.
In what appears to be PayPal‘s first venture into blockchain investment, the third-party payment facilitator has entered into a Series A funding round held by Cambridge Blockchain. By May 2018 the funding round had collected USD 7 million, with the most current total now standing at USD 10.5 million.
While PayPal has as yet declined to provide details of its investment, it is known that the self-described philanthropic firm Omidyar Network has participated in the extended funding Series A round since May last year.
According to Forbes, an undisclosed person familiar with the situation said PayPal made the investment because ”it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal”, They also noted that PayPal had plans to explore blockchain for financial applications.
Cambridge Blockchain has joined the ranks of Microsoft, IBM, Mastercard, and Accenture to participate in a non-profit organization called the Decentralized Identity Foundation.
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