DCG Leads $2m Funding Round in Blockchain Digital Identity Startup
- Cambridge Blockchain is developing its digital identity software with some of the top global financial institutions.
Cambridge Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term is a blockchain Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term developing digital identity software in collaboration with several global financial institutions, promising banks a new way to comply with both KYC (know-your-customer) and client privacy regulations. The firm announced today the closing of a $2 million convertible note, with participation from Partech Ventures and Digital Currency Group (DCG), which will be used to accelerate deployments of commercial services planned for late 2017.
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“We’re thrilled to have the support of Partech and DCG,” said Matthew Commons, Cambridge Blockchain’s CEO. “DCG is one of the world’s most experienced blockchain investors, and Partech’s strategic relationships with European financial institutions will help us expand in important new markets for our technology.”
Cambridge Blockchain’s distributed architecture is designed to resolve the competing challenges of transparency and privacy, promising faster customer onboarding, lower costs, and enhanced compliance through a single, trusted and consistent view of customer reference data.
Barry Silbert (Photo: Bloomberg)
Barry Silbert, founder and CEO of DCG, remarked: “In today's world, managing identities across applications and platforms is becoming increasingly challenging and cumbersome, and high profile data hacks have highlighted the vulnerability of these systems. We are excited to see Cambridge Blockchain working to build blockchain-based technology to collect and share identity data across organizations in a safe, secure, and transparent manner that protects users while offering efficiency to institutions.”
“We believe Cambridge Blockchain is the most promising company to seize this huge market opportunity and a clearly beneficial application of Blockchain technologies. We’ve been impressed by the team of co-founders who has both prior startup experience and a strong vertical expertise, and has inked their first commercial partnerships” explained Romain Lavault, General Partner at Partech Ventures.
Cambridge Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term is a blockchain Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term developing digital identity software in collaboration with several global financial institutions, promising banks a new way to comply with both KYC (know-your-customer) and client privacy regulations. The firm announced today the closing of a $2 million convertible note, with participation from Partech Ventures and Digital Currency Group (DCG), which will be used to accelerate deployments of commercial services planned for late 2017.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
“We’re thrilled to have the support of Partech and DCG,” said Matthew Commons, Cambridge Blockchain’s CEO. “DCG is one of the world’s most experienced blockchain investors, and Partech’s strategic relationships with European financial institutions will help us expand in important new markets for our technology.”
Cambridge Blockchain’s distributed architecture is designed to resolve the competing challenges of transparency and privacy, promising faster customer onboarding, lower costs, and enhanced compliance through a single, trusted and consistent view of customer reference data.
Barry Silbert (Photo: Bloomberg)
Barry Silbert, founder and CEO of DCG, remarked: “In today's world, managing identities across applications and platforms is becoming increasingly challenging and cumbersome, and high profile data hacks have highlighted the vulnerability of these systems. We are excited to see Cambridge Blockchain working to build blockchain-based technology to collect and share identity data across organizations in a safe, secure, and transparent manner that protects users while offering efficiency to institutions.”
“We believe Cambridge Blockchain is the most promising company to seize this huge market opportunity and a clearly beneficial application of Blockchain technologies. We’ve been impressed by the team of co-founders who has both prior startup experience and a strong vertical expertise, and has inked their first commercial partnerships” explained Romain Lavault, General Partner at Partech Ventures.