Cambridge Blockchain, Inc, a digital identity enterprise software provider, announced today that PayPal (NASDAQ: PYPL) has joined its Series A funding round. Cambridge Blockchain reported that with this investment, the two companies will explore potential collaborations to leverage blockchain technology.
Cambridge Blockchain revealed its solutions harness the potential of blockchain to deliver strong digital identities at a global scale and meet the increasingly stringent data privacy obligations globally. The company has specific experience in designing software systems to share identity data across European financial institutions. Speaking about the investment, Matthew Commons, Cambridge Blockchain’s CEO, stated:
“Our service helps streamline digital identity compliance while giving customers control over their identity data. We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance.”
Cambridge Blockchain went on to add that the funding is an extension of its Series A funding round, which includes new investments from Omidyar Network and Flourish, a venture of The Omidyar Group. Previous Series A investors include Foxconn’s HCM Capital, Partech Partners, Future\Perfect Ventures and Digital Currency Group.