PayPal Makes First Investment into the Blockchain Industry Joining Series A Funding Round of Cambridge Blockchain
By Tyler Smith – Crypto Investor
Online payments giant PayPal has entered the Series A funding round of blockchain start-up, Cambridge Blockchain. This is reportedly the first investment but not involvement for the company into the blockchain industry and suggests their interest in potentially utilising blockchain technology.
PayPal has built an enormous user base with over 20 million UK shoppers and 250 million worldwide using the service every year. The company began as a convenient and cost-effective service for securely sending and receiving payments online using an email address. The network has been built on existing financial infrastructure such as banks and credit cards for a global real-time payment solution. Using this model, PayPal could look to introduce solutions for buying Bitcoin by integrating it with traditional finance.
Cambridge Blockchain is a digital identity enterprise software start-up. No disclosures about the amount of investment have been made but they are looking to explore the possibility of leveraging blockchain technology. Cambridge Blockchain could be integrated to offer digital identities to the users of PayPal. These digital identities could be used to sign in using biometrics for greater security and potentially for future transactions when buying crypto.
Previous investments came from Foxconn’s HCM Capital, Partech Partners, Future/Perfect Ventures and Digital Currency Group. Potential applications for these institutions’ customers include control of personal identity services; reusable multi-platform governance efficiency; trust assurance for customer privacy and enables regulatory compliance. Many could be utilised to build trust in the industry when looking to buy and sell cryptocurrency.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards