Cambridge Blockchain, Inc., a Cambridge, MA-based digital identity enterprise software provider, received an investment from PayPal (NASDAQ: PYPL) as part of its Series A funding round.
The amount of the deal was not disclosed.
With this investment, the two companies will explore potential collaborations to leverage blockchain technology.
Led by Matthew Commons, CEO, Cambridge Blockchain provides solutions that harness the potential of blockchain to deliver digital identities at a global scale and meet data privacy obligations globally. The company has specific experience in designing software systems to share identity data across European financial institutions.
By combining blockchain technology with an off-chain personal data service, the company creates an independent source of validation through the network effects of trusted parties, natural persons, legal entities and devices. Identity data is managed and secured, leading to seamless transactions, operational efficiencies and strong privacy.
The funding is an extension of Cambridge Blockchain’s Series A funding round, which includes new investments from Omidyar Network and Flourish, a venture of The Omidyar Group. Previous Series A investors include Foxconn’s HCM Capital, Partech Partners, Future\Perfect Ventures and Digital Currency Group.