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Cambridge Blockchain Completes Successful $2-million Funding Round

Blockchain startup Cambridge Blockchain has confirmed the successful completion of its funding round, just a matter of days after its last significant funding announcement.

The blockchain firm, which focuses on developing an identification infrastructure for blockchain transactions, had been striving to raise the figure in a funding round led by Digital Currency Group and Partech Ventures, two investors with form for supporting fintech developments.

Only 12 months ago, Cambridge Blockchain picked up a prize worth $15,000 in a competition run by Banco Santander. Since then, it has been working relentlessly on developing and improving its systems.

Securing the funding means the company can continue to explore the technology, and the potential applications and use cases that can benefit from their identification of customers.

As they continue to navigate the various regulatory, compliance and technological issues involved, the completion of the funding round takes the U.S.-based firm closer to developing a viable working model.

CEO Matthew Commons said the funding would be useful as the company continues to collaborate with a number of other businesses and agencies, developing specific use-cases for its technology.

“We want to get through some pilots and get to commercial deployments by late 2017, so that’s really the goal. In order to do that, there’s salaries, rent, legal expenses and things like that ...The real problem these institutions have is that they’re spending a lot of money on the know-your-customer check process. Sometimes it can be hundreds of millions of dollars for a large bank that they spend on compliance.”

Their identification services will also be particularly useful on the implementation of new regulations, set to come into force in 2018. With penalties for banks and firms failing to comply with user identification models, some are hopeful that the funding round could help Cambridge Blockchain take advantage of these opportunities.

The news follows on from the completion of $1.7 million in funding announced last week, and marks the conclusion of the current funding round for the Massachusetts-based firm.