PayPal invests in blockchain identity startup

PayPal has joined a Series A funding round for Cambridge Blockchain, a digital identity software provider that combines blockchain with an off-chain personal data service to validate the identity of parties, legal entities and devices, according to a press release.

PayPal said it plans to examine potential collaborations with Cambridge to utilize blockchain technology.

"Our service helps streamline digital identity compliance while giving customers control over their identity data," Cambridge Blockchain CEO Matthew Commons said in the release. "We are honored by PayPal's vote of confidence, and we look forward to their support and guidance."