Paypal Invests in Blockchain Technology

PayPal gets finally into the blockchain universe by joining the Partech fund at the round of Cambridge Blockchain

While Bitcoin, Ethereum, and other cryptocurrencies are potentially disruptive to private payment systems like Paypal, Mastercard, Visa; it is now that the US payment giant joins the Partech fund in the round of Cambridge Blockchain, which provides a digital identity solution for financial institutions based on blockchain technology.

Cambridge Blockchain proudly announced the news with a press release: the PayPal giant has joined the A series of the young company’s fundraiser.

“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 ourselves,” a PayPal spokesperson told CoinDesk.

The amount of the investment has not been disclosed, but recent filings with the SEC indicate that Cambridge Blockchain has generated a total of $ 3.5 million in new shares of several investors over the past nine months. This follows the $ 7 million closing of its Series A in May 2018, bringing the total capital raised to $ 10.5 million.

At the time of the first financing, which had raised $ 7 million, most of the investment came from the Taiwanese giant Foxconn, manufacturer of computer motherboards and subcontractor Apple. Foxconn would have facilitated the meeting, and thus the financing, of PayPal with Cambridge Blockchain.

Meanwhile, the  company is already preparing for the launch of its first digital identity service in Luxembourg, called “LuxTrust”, which is supported by the government of the country.

Source: coindesk, image credit: pixabay

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