Blockchains announced the acquisition of Cambridge blockchain, a blockchain identity management and compliance provider based in Massachusetts. Cambridge blockchain received significant funding from PayPal in its round a financing last year. The company has two products designed to strike a balance between providing trusted distributed identities to organizations and handing back control of personal data to users. Idbridge focuses on digital identity management through blockchain technology, while confidant is the user interface.
The news pointed out that the acquisition “further enhances the ability of blockchain, and can provide individuals with an ecosystem ready for Web 3.0 and the emerging digital economy, with the core of digital identity solutions driven by blockchain”. “Blockchains’ vision from the beginning is consistent with our expectations of Cambridge blockchain,” said Matthew, co-founder of Cambridge blockchain. “One of our founding principles is that individuals should control their own data.” From the perspective of blockchains, the company said it would integrate its newly acquired technology into digital identity solutions next year, with the goal of “full integration” in early 2021. “We are happy to be part of blockchains, which can put a wide range of applications and integration into practice in Nevada and around the world,” Matthew added. At present, the financial terms of the deal are not disclosed.