PayPal Makes First Investment into the Blockchain Industry Joining Series A Funding Round of Cambridge Blockchain
By Tyler Smith – Crypto Investor
Online payments giant PayPal has entered the Series A funding round of blockchain start-up, Cambridge Blockchain. This is reportedly the first investment but not involvement for the company into the blockchain industry and suggests their interest in potentially utilising blockchain technology.
PayPal has built an enormous user base with over 20 million UK shoppers and 250 million worldwide using the service every year. The company began as a convenient and cost-effective service for securely sending and receiving payments online using an email address. The network has been built on existing financial infrastructure such as banks and credit cards for a global real-time payment solution. Using this model, PayPal could look to introduce solutions for buying Bitcoin by integrating it with traditional finance.
Cambridge Blockchain is a digital identity enterprise software start-up. No disclosures about the amount of investment have been made but they are looking to explore the possibility of leveraging blockchain technology. Cambridge Blockchain could be integrated to offer digital identities to the users of PayPal. These digital identities could be used to sign in using biometrics for greater security and potentially for future transactions when buying crypto.
Previous investments came from Foxconn’s HCM Capital, Partech Partners, Future/Perfect Ventures and Digital Currency Group. Potential applications for these institutions’ customers include control of personal identity services; reusable multi-platform governance efficiency; trust assurance for customer privacy and enables regulatory compliance. Many could be utilised to build trust in the industry when looking to buy and sell cryptocurrency.
Don’t forget to head over to our platform for where to buy Bitcoin UK or to keep up with the latest developments in the crypto space.