PayPal with its first investment in blockchain


PayPal has been getting up to speed with blockchain lately. The online payments giant has officially made its first investment in the blockchain “world”.

The company has joined the Series A funding of a blockchain-based company that helps its clients (namely financial institutions and different corporations) with managing sensitive data – all through blockchain. According to SEC filings, Cambridge Blockchain has already raised around $3.5 million from multiple investors in the last year.

The total funds raised amount to around $10 million. However, the investment amount of PayPal is undisclosed at this point. However, given the Series A that Cambridge Blockchain garnered in May 2018 ($7 million), PayPal apparently contributed to the $3.5 million. Reportedly, the rest was backed up by Omidyar Network, Flourish and other.

According to press, Cambridge Blockchain has been known to PayPal in more than one way. For example, PayPal moved its European HQs to Lixembourg and was even granted an official banking license in the country. At the same time, the blockchain-based identity company was working with LuxTrust, which is funded by the Luxemourg government and other financial institutions in the region.

In addition, the more obvious reason for the investment of PayPal is actually the fact that PayPal has millions of users, and a strategic investment in an identity-based startup that develops high tech solutions in the “KYC” process is extremely relevant for the future success of the online payment giant.

Related News

arrow

PayPal with its first investment in blockchain

1

Send this to a friend