PayPal Invests in Digital Identity-Focused Blockchain Startup in Apparent First

[Flodner]

In an apparent first, global online payments firm PayPal has made an investment in a blockchain startup — one that focuses on leveraging the technology to give users more control over their digital identities. The news was reported by Forbes on April 2.

The investment comes as part of an extension to a Series A funding round in the startup — called Cambridge Blockchain — that first raised a total of $7 million in May 2018.

While neither PayPal nor Cambridge Blockchain have disclosed the size of the payments giant’s investment, recent filings with the United States Securities and Exchange Commission reveal that Cambridge Blockchain has raised $3.5 million in fresh equity over the course of the nine months since May 2018.

According to Forbes, Cambridge Blockchain’s May 2018 Series A had included participation from blockchain-focused VC firm Digital Currency Group, the VC arm of Taiwanese iPhone manufacturer Foxconn and tech investment firm Partech Ventures.

The $3.5 million for the Series A extension includes a new investment from self-described philanthropic investment firm Omidyar Network, alongside PayPal.

The full article is here: https://bitcoin2day.net/paypal-invests-in-digital-identity-focused-blockchain-startup-in-apparent-first/