PayPal, an online payment giant, made its first investment in a blockchain technology company – Cambridge Blockchain. Cambridge Blockchain is a startup that helps financial institutions and companies manage confidential data using the blockchain.
The amount of investment was not disclosed. However, the documents submitted to the SEC indicate that Cambridge Blockchain got a total of $3.5 million from several investors, including PayPal and Omidyar Network.
Earlier, the startup was financed by HCM Capital – a division of the largest Taiwanese electronics manufacturer Foxconn – and Digital Currency Group.
“We invested in Cambridge Blockchain because it uses the blockchain for digital identification in a way that financial services companies can benefit from it, including PayPal. Our investments will allow us to explore cooperation opportunities for using the blockchain,” commented PayPal spokesman Taylor Watson.
He confirmed that this is PayPal’s first investment in the blockchain company. According to Cambridge Blockchain CEO Matthew Commons, PayPal is already indirectly associated with its startup participating in the Fintech Europe 2018 acceleration program sponsored by PayPal.