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Paypal invests in blockchain startup

For the first time, Paypal is investing in a blockchain technology company. The startup Cambridge Blockchain develops digital identity management solutions for financial institutions.

The payment service provider Paypal is involved in a first financing round for Cambridge Blockchain, as the Blockchain startup announced in an official announcement. The startup provides digital identity enterprise software to financial institutions and allows individuals to control their identity data. Neither Paypal nor Cambridge Blockchain commented on the amount of the investment. Recent information from the US Securities and Exchange Commission shows that Cambridge Blockchain has raised a total of $ 3.5 million from investors in recent months. The investments come in addition to Paypal from Omidyar Network and the Omidyar spin-off Flourish. As a result, Paypal’s stake in Cambridge Blockchain is not very lush, and above all, symbolic value.

Paypal spokesman commented on the investment to Coinbase: “We invested in Cambridge Blockchain because the company uses Blockchain for digital identities in a way that we believe financial services companies like Paypal can benefit from. Through our investment, we can explore potential collaborations to leverage blockchain technology”.

Previously, Cambridge Blockchain was one of a small group of startups participating in the Paypal Accelerator Fintech Europe 2018 program.

For Paypal, this is not the first step on blockchain terrain. In May 2018, the company filed a patent for a transaction system designed to accelerate transaction rates for cryptocurrencies.

Also published on Medium.

Published inStartups

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