PayPal invests in its first blockchain startup

By Olivia Minnock
Epayment giant PayPal has made its first investment in a blockchain company. The business invested in an extended funding round of Cambridge Blockchain...

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.

SEE ALSO:

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.”

Share

Featured Articles

Banks are capping crypto spending, but are they right to?

Several banks in the UK are limiting the amount of money that account holders can transfer to crypto exchanges. Is the move justified, or an overreach?

UBS agrees to rescue troubled Swiss bank Credit Suisse

UBS has agreed to rescue its troubled Swiss banking peer Credit Suisse, a move that has been welcomed by the Swiss National Bank and ECB alike

Credit Suisse gets $50bn emergency finance from central bank

Credit Suisse has secured US$50bn in emergency financing from the country's central bank, Swiss National Bank, as fears over its liquidity persist

Regulators race to salvage collapsed Silicon Valley Bank

Banking

Stripe's UK Head of Engineering talks 'women in fintech'

Digital Payments

Investors poised for action as President Xi set to open NCP

Venture Capital