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.

SEC filings show Cambridge Blockchain has raised $3.5 million since their initial $7 million round, led by Foxconn’s HCM Capital.

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.

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