PayPal, an online payment company, had put investment in the blockchain start-up company, reported on Forbes.
On Tuesday, PayPal made a partnership with a start-up Series A the funding round called Cambridge Blockchain. The company will raise funds to help financial organizations and other industries to manage sensitive data by shared ledgers.
Cambridge Blockchain Raised $10.5 million.
The partnership details not revealed either Cambridge Blockchain or PayPal. But, the latest filings with SEC disclose that Cambridge firm had collected a sum equal to $3.5 million from the various investors for nine months. In May 2018, the company also collected $7 million and that makes a total $10.5 million.
The beginning $7 million contain $3 million from converted notes and $4 million of recent capital. The several investors consist of Foxconn, which makes iPhones, and HCM Capital in addition to Virtual Currency Group.
The remaining $3.5 million collected from PayPal plus Omidyar Network Company, the philanthropic investment company, by eBay founder.
Investment in the Blockchain Startups
PayPal investment is very much importance to financial institutions such as Cambridge start-up. It became an icon for other companies in the field of crypto industry. This partnership made a revolution in the industry. It will make more collaboration with the new technology start-ups.
According to the industry, their investment will permit them to explore more potential collaborations with blockchain technology companies.
Matthew Commons, Cambridge Blockchain CEO, said that PayPal already involved a partnership with another start-up company in the last year. The company is a Massachusetts-based financial firm. In the last year, the firm sponsored “Fintech Europe 2018” program.
Fortunately, Cambridge Blockchain is working with LuxTrust. This company supported by the Luxembourg government and financial organizations in this region. PayPal also moved its European head office to Luxembourg and also approved a banking license.
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