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Cambridge Blockchain Secures $1.7-million Investment

Blockchain startup Cambridge Blockchain has announced it has secured an addition $1.7 million in funding, as it continues to grow and develop its technology.

The funding comes as part of a wider funding round worth $2 million, suggesting there may still be room for additional financing in the coming weeks and months.

Cambridge Blockchain is working on identification models for application in blockchain technologies, an essential element in helping the technology come to mainstream prominence. As various industries and sectors continue to develop blockchain-based technologies, Cambridge Blockchain’s funders are backing their work in making the infrastructure more usable and secure.

The funding is part of a much wider round, which some analysts are suggesting could see the company seek further support beyond its filed $2-million target.

The firm’s fundraising efforts kicked off in January 2016, after scooping a $15,000 prize win from an innovation competition run by Banco Santander. Now, with its sights set on securing much more sizable investments, it is clear the firm feels its technology could be fundamental in shaping the future of the blockchain.

At the time of this original funding, Cambridge Blockchain CEO Matthew Commons spoke of the importance of identification in developing for the blockchain.

“This is one of the most critical areas where blockchain technology needs to improve if it’s going to get out of the lab and into real enterprises.”

Cambridge Blockchain is one of a wide number of startups operating around blockchain technology, including companies developing unique blockchains, as well as those like Cambridge Blockchain who are servicing this projected industry.

While blockchain technologies remain in a development phase, many are expecting 2017 to be the year in which the technology crosses over into mainstream applications.

With potential uses in industries as diverse as banking, agriculture, property letting and gold trading, supporting functions like those being developed by Cambridge Blockchain look set to become even more central to the technology in future.

The funding round has been welcomed by industry analysts, hoping this early capital can help Cambridge Blockchain develop a working, viable model of its technology.