Before it became intertwined in the controversy surrounding Facebook’s misuse of data, Cambridge Analytica was planning to raise funds for a new digital currency. According to sources at Reuters, the firm was looking to raise as much as $30 million for their cryptocurrency project.
Brittany Kaiser, former employee of Cambridge Analytica, stated in an interview that the intended purpose of the firm’s proposed digital currency was to help people secure and control their online data.
“Who knows more about the usage of personal data than Cambridge Analytica? So why not build a platform that reconstructs the way that works?”
The irony in Kaiser’s statement is glaringly apparent, seeing how recently the company has been all over headlines for obtaining the personal information of almost 87 million Facebook users.
A spokesman for the firm went into more detail about the proposed tech:
“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,” the spokesman stated. “We were exploring multiple options for people to manage and monetize their personal data, including blockchain technology.”
Before Cambridge Analytica’s push into the crypto market was halted, the firm pitched its services to multiple digital currency startups as an ICO. Blockchain technology consultant Jill Carlson was present at one of these meetings. Carlson believed that the company’s pitch was contrary to cryptocurrency’s raison d’être:…
To read the rest of this article by Cole Gibson, please visit https://coincentral.com/camrbidge-analytica-nixes-cryptocurrency-project-after-facebook-data-fiasco/
