Source : Forbes Middle east
Online payment service supplier, PayPal is exploring options to deliver on its data privacy promise by investing in four-year-old startup, Cambridge Blockchain, which helps financial institutions and other companies with digital identity management and complex data, including Know-Your-Customer compliance and Anti-Money Laundering laws
Joining a phased extension of the blockchain start-up on April 2, US-based giant PayPal has contributed to a $7 million Series A funding, as reported by the SEC. The value of PayPal’s investment has not been disclosed.
The startup has raised a total of $10.5 million over the last nine months from multiple investors, including Omidyar Network, HCM Capital and the Digital Currency Group.
Cambridge Blockchain participated in the PayPal-sponsored Fintech Europe 2018 Accelerator Program. “Data privacy is becoming an increasingly important interest…(and) we’ve gotten most traction (and the highest pay-point) in the European banking market,” said Cambridge Blockchain CEO, Matthew Commons. “We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance.”
“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 (ourselves),” said Taylor Watson, a PayPal representative. “Our investment will allow us to explore potential collaborations to leverage blockchain technology.”