Welcome To The Blockchain Community, PayPal
PayPal is into blockchain too. I mean, that was inevitable; I do wonder it took this long though. The company has invested in Cambridge Blockchain, thus joining the extension of a Series A funding round. The startup focuses on sensitive data managing with the help of ledgers.
Cambridge Blockchain has raised $10.5M to date and counts HCM Capital and the VC arm of Foxconn among its investors. That’s how PayPal has explained the involvement: “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.”
The startup is part of the Decentralized Identity Foundation which has the Enterprise Ethereum Alliance, R3, IBM Blockchain, and Hyperledger among its members. They also have experience working with GDPR and PSD2 – not very friendly European bodies, we have to say. So this partnership with PayPal is very logical since the company has to deal with different regulations across the world, including for its other platforms like Venmo and Hyperwallet.