It was announced recently that Cambridge Blockchain Inc., a digital identity enterprise software provider that helps companies manage sensitive data, welcomes PayPal as it joins its Series A funding round.
“We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance,” said Matthew Commons, the CEO of Cambridge Blockchain.
Cambridge Blockchain: About the company
Cambridge Blockchain is a software company that generates blockchain-based identity management and compliance software solutions. It relies on verifying personal data and operating KYC for financial services providers.
How much investment are we talking about?
According to CoinDesk, neither PayPal nor Cambridge Blockchain has revealed the amount of investment. However, recent filings with the SEC has confirmed that Cambridge has gained a total of $3.5 million proceeds, including the funds from several investors over the past nine months.
Companies that have invested in Cambridge over the past few months, include Foxconn’s HCM Capital, Partech Partners, Future/Perfect Ventures, and the Digital Currency Group.
Paypal aims to explore collaborations to blockchain technology
A PayPal spokesperson told CoinDesk via email:
“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’s spokesperson also verifies that it is, indeed, PayPal’s first ever investment in a blockchain company.
Both companies are associated with Luxembourg
Cambridge is in partnership with LuxTrust, which is backed by the government of Luxembourg. Fortuitously, PayPal also happened to move its European headquarters to Luxembourg and has eventually acquired a banking license from the government.
Commons is convinced that the fact that they are deployed from Luxembourg and that PayPal has a major presence in there has greatly helped to get things moving.