PayPal invests in its first blockchain startup
Epayment giant PayPal has made its first investment in a blockchain company.
The business invested in an extended funding round of Cambridge Blockchain, a startup which uses shared ledger technology to help financial institutions manage data safely and securely.
The company’s Series A funding round raised $7mn, and the extension which PayPal took part in raised an additional $3.5mn, according to filings.
Other investors in Cambridge Blockchain include Digital Currency Group, Foxconn and HCM Capital.
PayPal will look into the potential for using the Cambridge Blockchain platform for proof of identity, while keeping data secure.
Forbes reported on the investment, citing a PayPal representative who said: “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.”