The Crypto market has enjoyed a resurgence the last couple of days and news of a move that PayPal invests in Block Chain Technology only helps push the crypto market to better performances. In the news, the payment giant connected to Ebay confirmed that they have made an investment into the Cambridge Blockchain.
As of this writing, both parties have not confirmed the amount of the investment into the blockchain. However, based on the filing from the United States Securities exchange, it can be confirmed that the investment from PayPal cannot be more than $3.5 million.
Even with a less than staggering amount, the investment from PayPal only improves its stature. The investment only opens doors for possible growth in the future.
PayPal’s investment into Cambridge Blockchain indicates their belief that their technology would be beneficial for financial services. The technology from this Blockchain is focused on applying block chain technology on digital identity.
The Cambridge Blockchain is a member of the EEA or Etherium Enterprise Alliance, allowing it to be used in the Ethereum platform. More importantly, it can be used in more than one platform. It can be used in conjunction with all distributed ledgers.
As of now, it is too early to comment on commercial endeavors. Cambridge Blockchain’s CEO Matthew Commons indicate that this round is mostly exploratory in nature.
Some of the other members of the EEA include Intel, JP Morgan and Microsoft.
This venture is not the first introduction of the pay merchant to the company behind the Cambridge Block Chain. When PayPal sponsored the FinTech Europe Accelerator Campaign in 2018, this was the seed which led to them being in contact with PayPal venture arm.
Other Companies Looking at Digital Identity
Other companies are exploring block chain technology for digital identity purposes. Facebook is looking at distributed logins using the technology. Facebook is digging in deep into Blockchain recently.