Paypal makes its first investment in a blockchain company

posted 7 months ago
Online payments giant PayPal made its first-ever investment ($3.5 million) in a blockchain technology company. Announced today, PayPal joined a Series A funding round in Cambridge Blockchain, a startup that helps financial institutions and other companies manage sensitive data using shared ledgers. Recent filings with the SEC indicate that Cambridge Blockchain has raised a total of $10.5 million.

PayPal spokesperson Taylor Watson wrote: “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. Our investment will allow us to explore potential collaborations to leverage blockchain technology.” She also confirmed that Cambridge is PayPal’s first investment in a blockchain company.
Tags: blockchain, news