Cambridge Blockchain Raise $2 Million for Digital Identity Enterprise Software

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Cambridge Blockchain announced the closing of a $2 million convertible note today, with participation from leading technology investors Partech Ventures and Digital Currency Group. The funds will be used to accelerate deployments of Cambridge Blockchain’s digital identity enterprise software for financial institutions.

“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.”

Financial institutions face growing compliance challenges related to identity, with know-your-customer costs that can reach hundreds of millions of dollars per year for large banks. Strict data privacy rules such as the European General Data Protection Regulation also limit the ability to access validated customer identity attributes from other trusted parties. Cambridge Blockchain’s distributed architecture resolves the competing challenges of transparency and privacy, resulting in faster customer onboarding, lower costs, and enhanced compliance through a single, trusted and consistent view of customer reference data.

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“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.

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.”

Cambridge Blockchain has won FinTech competitions including BBVA Open Talent 2016 and the Santander InnoVentures Distributed Ledger Challenge. Cambridge Blockchain graduated from the 2016 FinTech Innovation Lab – run by the Partnership Fund for New York City and Accenture – where executives from top financial services firms and leading entrepreneurs mentor growth-stage companies.

The company is currently developing its digital identity software with several leading global financial institutions, with commercial deployments planned for late 2017.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

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