Cambridge Blockchain, Inc. a digital identity enterprise software provider, announced today that PayPal (NASDAQ: PYPL) has joined its Series A funding round.
With this investment, the two companies will explore potential collaborations to leverage blockchain technology.
“Our service helps streamline digital identity compliance while giving customers control over their identity data,” said Matthew Commons, Cambridge Blockchain’s CEO. “We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance.”
Cambridge Blockchain’s 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.
The funding is an extension of Cambridge Blockchain’s 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.