Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

Cambridge Blockchain gets USD 2 million funding for digital identity projects

Thursday 2 February 2017 | 10:31 AM CET

Cambridge Blockchain, a blockchain identity startup, has raised USD 2m in a funding round backed by VC firms Partech Ventures and Digital Currency Group.

In 2016, the startup won a blockchain startup competition hosted by Banco Santander’s venture capital arm, which included a USD 15,000 prize.

In an interview for CoinDesk, CEO Matthew Commons said that the startup plans to use the funding to fuel ongoing technology pilots being conducted with some of its clients. While declining at this time to name the companies involved, he described them as “major financial institutions”.

Furthermore, the startup is targeting a major pain point for the financial institutions it hopes to do business with: compliance, as banks spend time and resources conducting what are essentially redundant checks on customer identity.

Still, the European General Data Protection Regulation, a series of regulatory provisions in the EU that will come into force in mid-2018 will harmonize data protection rules across the economic block, seeking to put control of data back in the hands of the user, while also sharpening the rules for the firms responsible for handling that information.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement