PayPal, Silicon Valley fin-tech giant, Reveals to invest in the blockchain technology. PayPal recently completes its first blockchain investment with an undisclosed sum in Cambridge’s Blockchain series.
This series goes by the name A Extension Round, which raises about $3.5 million, as per Coindesk. Cambridge blockchain is also backed by crypto industry conglomerate, which is Digital Currency Group. This group is an Apple affiliated Foxconn and also HCM capital. It is an upstart allowing institutions in transferring sensitive data. Data transfer takes place with the help of ledgers.
The reason behind PayPal’s huge investment is for the application of blockchain for gaining a digital identity, as per PayPal’s representative. However, the investment is relatively small as compared with it’s over $100 billion capital. The representative also added that the investment would benefit financial firms like PayPal.
Matthew Commons, CEO of Cambridge says that he works hand in hand with American powerhouse in the year 2018. Following that, PayPal which is a crypto-friendly startup, expressed its vision for investment. He added that users also had improved direct control over personal data.
Zuckerberg’s statement on ledger technology becomes a hot topic
Remarkable, Mark Zuckerberg also mentioned that ledger technology is a boon for online identities and data sharing. After the statement came from Facebook’s owner, it became a hot topic in the field of the blockchain.
The move of PayPal perpetuates blockchain and not crypto. Since Bitcoin became a center topic, the dilemma raised high regarding investment. However, current and former CEO of PayPal bashed Bitcoin, the company still invests.
To surprise, PayPal’s CEO, Dan Schulman expresses optimism towards blockchain technologies. But, he also expressed his doubts about cryptocurrencies. He says that crypto is a rewards system to implement blockchain. He also added that retailers adopt this type of exchange.
Bill Harris, a former PayPal C-suite said that Bitcoin is the greatest scam in history and bashed it. He also slams down the features that make Bitcoin popular. Harris also added that the cult of bitcoin makes many claims for free, scalable, instant, efficient, secure, useful and globally supported cryptocurrency firm. But it does none of the claimed things, says Harris.
On the other hand, the statement of Harris mean nothing to PayPal and it still goes on investing. PayPal is a forward-thinking fine technology firm that accepts blockchain technology.
PayPal could merge with Swedish iZette
US payment company PayPal may merge with Swedish start-up iZette. The tie-up could push the prices high and can reduce the range of services to its customers, as per reports of Competitions and Markets Authority. It also added that PayPal could also face insufficient competitions in the UK after the company acquires its rival in market leading. It also added that it would carry investigations on the merger if the companies do not address the concerns.
Earlier, on HRMC review on PayPal, PayPal says that HMRC reviews the company’s direct tax position. The company also agreed to its outstanding liabilities and is not a subject to any current inquiries. The company also says that it reflects adjustments related to previous years instead of any involvement from HMRC.