PayPal has invested in Cambridge Blockchain, its first blockchain investment, which will utilize blockchain technology to secure user’s login information.
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“We made an investment in Cambridge Blockchain because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal,” a PayPal spokesperson told Forbes.
When asked about the amount, both PayPal and Cambridge Blockchain declined to comment.
Prior to today’s investment, PayPal’s only involvement in the space was in March 2018, when the company filed a patent detailing cryptocurrency transaction rates and an undertaking involving employee participation using tokens issued on a blockchain.
PayPal’s investment is a portion of Cambridge Blockchain’s Series A funding round, which began in May 2018.