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PayPal Invests in Blockchain Startup

PayPal has invested in blockchain technology company Cambridge Blockchain that helps companies manage sensitive data using shared ledgers. It is PayPal’s first investment in a blockchain company.
news - PayPal Invests in Blockchain Startup

PayPal has invested in blockchain technology company Cambridge Blockchain that helps companies manage sensitive data using shared ledgers. It is PayPal’s first investment in a blockchain company.

Online payments giant has joined the extension of a Series A funding round of  the startup. The investment amount has not been disclosed.

“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. Our investment will allow us to explore potential collaborations to leverage blockchain technology,” PayPal spokesperson told. 

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Cambridge Blockchain’s bread and butter is around the onboarding of personal data and know-your-customer (KYC) vetting necessary to open accounts with banks and other financial services providers, although it has also been working with commercially sensitive supply chain data with Foxconn. 

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