PayPal has joined a Series A investment in Cambridge Blockchain, a startup working to give individuals a way to own their own online identities without middlemen like Facebook
in May 2018, including a new investment from Omidyar Network. Neither PayPal nor Cambridge Blockchain disclosed the investment amount. Recent filings with the SEC, however, indicate the company raised $3.5 million in new equity since the initial $7 million round led by Foxconn’s HCM Capital.
While Cambridge Blockchain's technology is intended to give Luxembourg's roughly 600,000 residents increased control over their identities across the internet, Foxconn, the maker of Apple's iPhone, is using the technology in other ways, including to remove the need for a central warehouse by connecting suppliers directly to manufacturers.
The accelerator concluded in Luxembourg, where PayPal has an office and Cambridge Blockchain is preparing to launch its first live product with LuxTrust, a firm backed by the Luxembourg government. Which is where the potentially high stakes of PayPal’s investment really start to become apparent—and complicated. One of the most notorious proprietors of personal information is Facebook, the $480 billion social network that helps advertisers and political strategists target its users for a fee.
France Dernières Nouvelles, France Actualités
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