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PayPal has finally decided to explore blockchain technology as it has participated in Series A funding round of Cambridge Blockchain, a Boston-based blockchain startup. The final amount of investment is yet to be revealed.
Cambridge Blockchain is utilizing blockchain tech to give users complete control over their online identities without letting it being controlled by middlemen such as Google, Facebook or Twitter. For instance, signing in to social networking accounts today doesn’t grant full control over who can access personal information, but Cambridge Blockchain’s platform allows to do so. It is parallel to cryptocurrencies with which users can store value without an intermediary such as a bank.
It is PayPal’s first blockchain investment and the digital payment giant is examining how Cambridge Blockchain’s platform can help the company with enhanced data privacy and management that not only let the users have full control of their data but also let them complete the know-your-customer (KYC) process with ease.
Cambridge Blockchain is planning to employ the raised capital for an expansion of the platform across the globe. Cambridge Blockchain is all set to roll out their new platform in Luxemburg that would give its 600,000 residents complete control over their online identities. Moreover, Foxconn (Taiwan’s multinational electronics contract manufacturing company that works closely with Apple), is also using the platform to eliminate the need for warehouses by connecting the suppliers directly with the manufacturer.
PayPal might be a late contributor to Cambridge Blockchain’s Series A round as it has first taken off in May last year. Surprisingly, the extension of firm’s series A round has brought new investment from Omidyar Network, eBay founder Pierre Omidyar’s investment firms.
Previously, in March last year, PayPal was involved in a blockchain endeavor when it has filed a patent titled ‘Expedited virtual currency transaction system.’ Essentially, the patent’s system uses the tokens issued on a blockchain to speed up the digital currency transaction rates and increase the user engagement by endowing exclusive rewards for incentives. Alongside PayPal’s investment in Cambridge Blockchain, those efforts give several indications about how this payment giant might put the blockchain on work in the nearby future.
The net amount of the investment hasn’t been revealed yet but as per new SEC filings, Cambridge Blockchain has raised about $3.5 million through this extended round. Before this, it has raised $7 million during the beginning of the series A funding round from Foxconn’s HCM capital.