The payment giant PayPal first invested in a blockchain start-up that uses technology to give users more control over their digital identities.
According to Forbes , investments were made in the framework of raising funds for a startup called Cambridge Blockchain. In May last year, the company has already attracted $ 7 million investment.
Regarding PayPal investments in the digital identity management process using blockchain technology, an anonymous source at the company stated:
“We invested in Cambridge Blockchain because this company uses the blockchain to work with a digital person in such a way that, we believe, it can benefit companies that provide financial services, including PayPal.”
In addition, the source stressed that although Cambridge Blockchain is working on a number of blockchain projects related to digital identity, PayPal will focus on studying blockchain technology in the financial industry.
The head of Cambridge Blockchain has already collaborated with PayPal
Note that Cambridge Blockchain has joined such major players as Microsoft, IBM, Mastercard and Accenture, participating in the non-profit organization Decentralized Identity Foundation.
As recalled by Forbes, the head of Cambridge Blockchain Matthew Commons (Matthew Commons) has already collaborated with PayPal, who co-hosted the Fintech Europe 2018 Summit. Regulation.
Publication date 03/04/2019
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