Cambridge Analytica had plans to issue digital currency
The British data analytics consultancy, Cambridge Analytica, was embroiled in data breach controversy to manipulate electoral outcomes during US Presidential Election,2016, is in limelight again. Cambridge Analytica was planning to raise money by issuing a new type of digital currency before it became embroiled in a scandal surrounding the misuse of Facebook Inc personal data, sources familiar with the matter told Reuters today. The consultancy was hoping to raise as much as $30 million, one of the sources said.
It is uncertain if Cambridge Analytica is still working on such plans. Brittany Kaiser, a former employee of the voter-profiling firm did not divulge details on the coin offer but did say the firm was exploring blockchain - the technology underlying cryptocurrencies - to help people secure their online data.
"Prior to the Facebook controversy, we were developing a suite of technologies to help individuals reclaim their personal data from corporate entities and to have full transparency and control over how their personal data are used," a Cambridge Analytica spokesman said in an email to Reuters. "We were exploring multiple options for people to manage and monetize their personal data, including blockchain technology."
Reuters reports, "A coin offering would have made Cambridge Analytica one of hundreds of firms attempting to raise capital as the value of digital currencies soar.Companies raised $3.5 billion through such offerings this year, according to research firm Autonomous. They have been popular with investors as they are able to trade the tokens on online exchanges, often for a profit."
Documents and emails obtained by The New York Times show that Cambridge Analytica’s efforts to help promote another group’s digital token, the Dragon Coin, associated the firm with a famous gangster in Macau who has gone by the nickname Broken Tooth.
Image via Cambridge Analytica website