Cryptocurrency news outlets are so focused on the Bitcoin bull run that took the market by storm yesterday. However, other things are happening in the blockchain space to show that this emerging technology is here to stay. Yesterday, per the report on CoinDesk, the global payment giant, PayPal announced that it has joined the investment round in a blockchain firm called Cambridge Blockchain. PayPal’s participation in this Series A funding round for Cambridge Blockchain will be its first investment in the blockchain space.
Cryptocurrency News Today: PayPal Dives Into Blockchain By Investing In Cambridge Blockchain Amid Bitcoin Bull Run
Cambridge Blockchain is a startup that creates technology for companies that deal with sensitive data to make it easier for them to manage their data using distributed ledger technology. While the specific amount invested by PayPal hasn’t been disclosed, the move by PayPal is noteworthy because the payment giant has never been a fan of blockchain technology and cryptocurrencies. The blockchain firm has raised about $10.5 million from different investors so far.
Corresponding with CoinDesk, a PayPal representative said;
“We made an investment in Cambridge Blockchain because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal. Our investment will allow us to explore potential collaborations to leverage blockchain technology.”
Matthew Commons, the CEO of Cambridge Blockchain, said that PayPal has been showing interest in identity startups in Massachusett. He said;
“We can’t talk specifically about anything commercially that we are doing because it’s all sort of exploratory now, but I think the fact that we are deployed in Luxembourg and they [PayPal] have a major presence there also helped to get things moving. We are honored to be the first blockchain startup to have gotten an investment from PayPal. “If you are looking to help get some traction for a distributed identity system, it’s great to have a partner like that.”
Bitcoin Bull Run Continues
This announcement from PayPal coincides with the Bitcoin bull run that has led the cryptocurrency market into recovery. Yesterday, the total trading volume of cryptocurrencies reached $50 billion while the market capitalization reached $18 billion as Bitcoin smashed several resistances trading as high as $5080. The Bitcoin bull rally was still on at the time of writing. Other cryptocurrencies are also recording significant gains with Bitcoin Cash trading higher by over 45%. In fact, BCH is leading the altcoins in this Bitcoin bull run.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, the price of Bitcoin was $5,031.41. This shows that it is up by 5.83% against the USD. The trading volume over a 24 hour period is $21,028,357,340 and the market capitalization is $88,656,060,079. Cryptocurrency analysts have agreed that Bitcoin would solidify its position in the bull market as soon as it crosses $5200. There will be no resistance and it would enjoy smooth sailing to the $6000 level. The total trading volume in the market is currently above $77 billion and it is going up fast.
What do you think about PayPal’s blockchain investment and the Bitcoin bull run? Share your thoughts in the comment section.