PayPal (PYPL) Makes Its First Blockchain Investment
— Cambridge Blockchain (@C_Blockchain) April 2, 2019
According to a recent press release, the investment comes as an extension of Cambridge Blockchain’s Series A, with PayPal joining Omidyar Network and Flourish, in addition to original participants Partech Partners, Future\Perfect Ventures, Foxconn’s HCM Capital and Digital Currency Group.
Cambridge Blockchain’s solutions harness the potential of blockchain to deliver strong digital identities at a global scale and meet the increasingly stringent data privacy obligations globally. Moving forward, PayPal and Cambridge plan to explore potential collaborations to leverage blockchain technology.
“Our service helps streamline digital identity compliance while giving customers control over their identity data,” said Cambridge Blockchain CEO Matthew Commons in the announcement. “We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance.”
This isn’t PayPal’s first foray into blockchain technology, as the company has been running an internal blockchain-based reward system for its employees fueled by tokens that only hold value within the company.
According to a report by Cheddar, the initiative was built by around 25 people in PayPal’s Innovation Lab over a six month period and officially launched last November.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.