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.
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.