Blockchain technology is of great interest to a lot of companies. This has become fairly apparent in the financial sector over the past few years. In recent months, technology firms are also jumping on the blockchain bandwagon. Foxconn, the company best-known for its iPhone manufacturing process, has invested in Cambridge Blockchain through its VC arm.
Technology giants are paying very close attention to cryptocurrency and blockchain. This is a positive development for both industries. Foxconn’s venture capital arm is now making strategic investments in blockchain startups. Their recent contribution was part of the $7m Series A round fro Cambridge Blockchain. This firm focuses on regulatory compliance through DLT.
A Positive Round for Cambridge Blockchain
It is not the first time the startup completes a funding round. This Series A funding is a combination of conversion of existing debt and an influx of new capital. With $9m raised in total, Cambridge Blockchain is on the right path to success. Digital Currency Group and Partech Ventures also took part in this latest investment. With this money, the startup aims to bolster its enterprise data management software.
Thanks to its focus on KYC compliance for internet-connected device, Cambridge Blockchain can attract a lot of positive attention. The firm is expected to formally launch in Luxembourg in late 2018. Users are already signing up for this company’s services. The number of users is expected to increase to 600,000 in the coming months.
Cambridge Blockchain aims to attract a lot of enterprises. Their blockchain-based identity solution can offer many different benefits in this regard. Protecting the identities and streamlining compliance are two valid business models in the world of distributed ledgers. Turning this venture into the leading identity solution will not be easy, though. There is a growing number of competitors on the market as we speak.
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