Wednesday, January 22, 2020

PayPal Invests in Cambridge’s Blockchain to Store User Identities

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

The blockchain is popularly known as the distributed ledger that backs Bitcoin. It allows cryptocurrency transactions to be stored, but it has other use cases. One of such is evident in PayPal’s recent investment in Series A funding in Cambridge blockchain. The Boston-based company enables people to store their data on the blockchain without the need for middlemen.

PayPal Invests in Cambridge Blockchain Project

According to Forbes’ report on April 2, PayPal has invested in the Cambridge Blockchain’s seed A round of funding. The online payment platform has the intention of allowing its users to store and verify their identity on the distributed ledger technology without sharing their information with a third party. The blockchain will also serve to create an immutable record where such data cannot be changed easily.

A PayPal Spokeperson said:

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

Amount Invested by PayPal in Seed A Funding is Uncertain

While the amount invested by PayPal has not been revealed, Cambridge has $3.5 million in new equity which became publicly known after its filing with the U.S. Securities and Exchange Commission (SEC). It is also worthy to note that while this may be the first investment in the area of blockchain carried out by PayPal, it had shown an interest in the past.

In March 2018, the U.S. based company filed a patent to make cryptocurrency transactions faster. In December 2018, it began to reward its workers with a digital currency which could only be used within the platform. They were able to earn the token to play golf with higher ranked members or borrow their pets for a day.

Startup to Enable Over 600,000 People in Luxembourg Store ID Data

Cambridge Blockchain, on the other hand, is a startup that wants to enable about 600,000 people in Luxembourg to securely store their identity data on the blockchain. Being stored on a decentralized platform means it will be solely controlled by them without any being shared to unauthorized users.

In comparison with PayPal, Facebook is also looking into Blockchain Technology. The social media purchased its first company in the space and intends to launch its own cryptocurrency. The latter is reportedly a stablecoin that will be used on WhatsApp. In December and February, several blockchain positions also opened thereby giving users the impression that the social media company is very interested in this industry.

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