Software development company Blockchains has announced the acquisition of Cambridge Blockchain, a Massachusetts-based blockchain identity management and compliance provider.
Cambridge Blockchain, which notably secured funding from PayPal in its series A round last year, has two products which aim to strike a balance between trusted, distributed identity to organisations and returning control of personal data back to users. IDBridge focuses on digital identity management through blockchain technologies, while Confidare is the user interface.
The acquisition ‘further increases Blockchains’ capacity to deliver an ecosystem of products set to prepare individuals for web 3.0 and the emerging digital economy, with a blockchain-powered digital identity solution at the core,’ the press materials breathlessly note.
“Blockchains’ vision is truly aligned with what our aspirations for Cambridge Blockchain were from the onset,” said Cambridge Blockchain co-founder Matthew Commons. “The idea that individuals should be in control of their own data has been one of our founding principles.”
From the Blockchains perspective, the company said it will look to incorporate its newly-acquired technology into a digital identity solution in the coming year. ‘Complete integration’ is targeted by the beginning of 2021.
“We are thrilled to be part of the Blockchains organisation that can put a wide range of applications and integrations into practice in Nevada and globally,” added Commons.
Financial terms of the deal were not disclosed.
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