PayPal joins identity startup Cambridge Blockchain’s series A round

Online payments giant PayPal has joined the Series A funding round of Cambridge Blockchain, a blockchain-based identity startup.

Founded in 2015, Cambridge Blockchain aims to help financial institutions comply with data privacy rules, eliminate redundant identity compliance checks, and improve the customer experience. Its solutions harness the potential of blockchain to deliver strong digital identities at a global scale.

“By combining blockchain technology with an off-chain personal data service, the company creates an independent source of validation through the network effects of trusted parties, natural persons, legal entities and devices,” Cambridge Blockchain said. “Identity data is reliably and flexibly managed and secured, leading to seamless transactions, operational efficiencies and strong privacy.”

In May 2018, the startup raised $7 million in the first close of its series A round led by HCM Capital, the venture arm of Foxconn Technology Group. Other investors which included Partech, Future\Perfect Ventures, and Digital Currency Group.

The latest funding is an extension of the Series A funding round. In addition to PayPal, Omidyar Network and Flourish, a venture of The Omidyar Group, have also invested in Cambridge Blockchain. The details of the investment have not been disclosed.

“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.”

With this investment, PayPal and Cambridge Blockchain intend to explore potential collaborations to leverage blockchain technology.