PayPal infused funding in the Cambridge Blockchain in Series A round

PayPal recently invested in a Blockchain-based company, Cambridge Blockchain, in the funding round of Series A.

The announcement specifically did not specify the secured amount. However, CrunchBase reports the latest funding around $3.5 million in the equity from Omidyar Network and Flourish. Existing investors such as Digital Currency Group, Future Ventures, Partech Partners, and Foxconn’s HCM Capital also participated in the latest round. With the current funding round, the company has raised a total of $13.5M in over 4 rounds to date, according to CrunchBase.

Founded in 2015, Cambridge headquartered, Cambridge Blockchain offers blockchain-based identity management and compliance software solutions for financial institutions.

Executive Opinion

Chief Executive Officer, Cambridge Blockchain’s, Matthew Commons , said, "Our service helps streamline digital identity compliance while giving customers control over their identity data. We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance."

Cambridge Blockchain and PayPal

Cambridge Blockchain and PayPal are exploring potential collaborations to leverage blockchain technology, notes the announcement.

Apart from a deep foray into the identity control like IBM, Microsoft, and MasterCard in a non-profit called as Decentralized Identity Foundation, PayPal is now going to focus more on Blockchain technology for its financial applications.

Cambridge Blockchain was a part of PayPal sponsored accelerator program. The company is also working with the LuxTrust in Luxembourg, where PayPal recently moved its European headquarters.