PayPal, a San Jose, California-based online payments solutions provider, as per recent reports, has joined the Series A funding round for Cambridge Blockchain Inc., a Cambridge, Massachusetts-based identity compliance solutions provider for financial institutions, to leverage the far-reaching potential of the blockchain tech. PayPal has not yet announced the investment figure.
Cambridge Blockchain’s solutions, aiming to harness the immense possibilities that the blockchain tech offers, offers solutions that meet data privacy guidelines and delivers strong digital identities at a global scale.
Matthew Commons, Cambridge Blockchain’s CEO, says, “Our service helps streamline digital identity compliance while giving customers control over their identity data”. Adding further, Commons says, “We are honored by PayPal’s vote of confidence and look forward to their support and guidance.”
In an extension of its Series A funding round, Cambridge Blockchain also has some new investors lined-up from Omidyar Network to Flourish. They’ll be joining the company’s previous investors, which includes Foxconn’s HCM Capital, Partech Partners, Future/Perfect Ventures and Digital Currency Group.