PayPal invests in a blockchain company

PayPal joins the blockchain craze. The payments giant has invested in Cambridge Blockchain, a budding startup developing digital identity management software for financial institutions.

Cambridge Blockchain said the investment will help the two companies explore potential collaborations powered by blockchain tech. The investment was part of a Series A funding round, which also included backing from Foxconn’s HCM Capital, Partech Partners, FuturePerfect Ventures and Digital Currency Group.

“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 [ourselves],” a PayPal spokesperson told CoinDesk.

Back in March 2018, PayPal filed a patent for a “virtual currency transaction system,” designed to make digital currency payments faster. PayPal also claims to be one of the first companies to enable merchants to accept Bitcoin through partnerships with BitPay, GoCoin, and Coinbase.

Last year, the online payment system also partnered with Coinbase to bring instant PayPal withdrawals to all US customers.

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