Bitcoin
$41,648.01+5.04%
Ethereum
$2,228.78+3.33%
Binance Coin
$225.56+0.85%
XRP
$0.61657986-1.45%
Solana
$60.38-4.51%
Cardano
$0.40071237+2.33%
Dogecoin
$0.08716240+3.69%
Tron
$0.10511463-5.41%
Chainlink
$15.62-1.54%
Avalanche
$21.27-2.31%
Polygon
$0.79561375-0.84%
Polkadot
$5.50+1.79%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Finance

PayPal-Backed Identity Platform Acquired by Nevada’s Blockchains LLC

An identity management provider backed by PayPal, Foxconn and others has been acquired by Nevada-based holding company Blockchains LLC.

By Ian Allison
AccessTimeIconDec 1, 2020 at 10:01 a.m. UTC
Updated May 9, 2023 at 3:13 a.m. UTC
Nevada

Nevada

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

An identity management provider backed by PayPal (PYPL), Foxconn and others has been acquired by Nevada-based holding company Blockchains LLC.

Cambridge Blockchain principals Matthew Commons, Alex Oberhauser, Muthu Arumugam and the firm’s software developers will join Blockchains’ digital identity team, with complete integration targeted for the beginning of 2021. The financial terms of the deal were not made public.

The acquisition, announced Tuesday, is all geared towards the release of an un-hosted wallet around April of next year, said Blockchains Executive Vice President Lee Weiss.

“We reached out to Cambridge and had discussions with them, and it was clear that we shared a common ethos,” said Weiss. “We ended up making a deal and the transaction closed last week and we’re thrilled that they’ve already started with us, right after Thanksgiving.”

Read more: PayPal Makes Its First-Ever Investment in a Blockchain Startup

Cambridge’s expertise in areas like biometrically secure credentialing and document provenance will all feed into the wide-ranging plans of Blockchains LLC, the owner of some 67,000 acres of land in Nevada with designs on a smart-city development of sorts.

In June of last year, Blockchains acquired Ethereum startup Slock.it, whose founders Christoph and Simon Jentzsch became Blockchains’ vice president of technology and director of blockchain development, respectively.

Read more: Foxconn Backs Blockchain Identity Startup in $7 Million Series A Round

A spokesperson for PayPal Ventures declined to comment on the Cambridge Blockchain acquisition.

Zack Seward contributed reporting.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.