PayPal one of the leading global online payment company has come up to make an investment on blockchain. Their intention is to give PayPal users ability to manage their digital identity by taking advantage of technology. This is an expansion of the recently formed Series A funding commonly known as Cambridge Blockchain. By May last year, they managed to raise a whopping seven million dollars.
Both Cambridge Blockchain and PayPal have not revealed the payment of the enormous investment. However, Cambridge Blockchain has gathered $3.5 million from May last year from investors. An anonymous PayPal representative stated that they invested in Cambridge since they were using blockchain for digital identity. They, therefore, believe that this will be beneficial to PayPal and other financial firms.
The representative also noted that PayPal will put more emphasis on blockchain research for economic purposes. Cambridge, on the other hand, will utilize Series A and expansion funding for researching and developing. They will also increase their workforce in Beijing, Boston and Paris in the view of developing Foxconn along with other schemes of work.
Mathew Commons the CEO of Cambridge Blockchain initially colluded with PayPal during Fintech Europe a co–hosted accelerator in 2018. The aim is to assist companies to cope with a challenging privacy framework in Europe.
Luke Nosek a co–founder of PayPal earlier stated that the initial objectives of the company were to create a self–reliant digital currency comparable to cryptocurrency. Towards the end of last year, PayPal started a policy for rewarding their staff based on the blockchain. In the third quarter of 2018, PayPal reported having more than 254 million active users.