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PayPal, the online payment services giant, made its first investment in blockchain technology, joining a Series A funding round in identity software startup Cambridge Blockchain, Inc.
Cambridge Blockchainwill use the new funds to hire more employees as well as for more research and development of its software, which enables users to have more control of their digital identities by using blockchain technology. Tuesday’s announcement did not disclose how much PayPal invested in the startup.
HCM Capital, the venture arm of Foxconn Technology Group led - a $7 million Series A funding round in May 2018, and were joined by Partech Partner and Digital Currency Group. Since then, SEC filings show Cambridge Blockchain raised another $3.5 million in equity. Other investors in the startup include Future Perfect Ventures, Omidyar Network and Flourish, a venture of The Omidyar Group.
PayPal's dipped a toe into the world of blockchain technology last March when it filed a patent for an expedited transaction system using virtual currency, better known as cryptocurrency.
Founded in 2015, Cambridge Blockchain develops digital identify software using blockchain technology with the intended use to create secure digital identity for users that complies with governmental data privacy standards. Based in Cambridge, Massachusetts, the company also has offices in Paris and Beijing.
Oscar Gonzalez is a business reporter based in Brooklyn. He has written for CBS, NBC and Wired.