PayPal into blockchain technology
The international payment services firm PayPal revealed its intentions for the blockchain technology space, after it was discovered in an SEC file that it had invested a million in the Startup Cambridge Blockchain, a technology company of the chain of blocks.
Cambridge Blockchain CEO Matthew Commons said about the development:
“Our service helps expedite the fulfillment of digital identity while giving customers control over their identity data. We are honoured by PayPal’s vote of confidence and look forward to your support and guidance.”
CoinDesk reports that neither PayPal nor Cambridge Blockchain have disclosed the amount of the investment. Which was offered during an extension of a Series A financing round. The total capital raised for almost a year seems to be about $ 10.5 million. Which includes funds from investors such as HCM Capital and Digital Currency Group.
A PayPal spokesperson said:
“We made an investment in Cambridge Blockchain because they are applying blockchain for digital identity in a way that we believe could benefit financial services companies like PayPal. Our investment will allow us to explore possible collaborations to take advantage of Blockchain’s technology.”
