NEW YORK (Reuters) – 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 (FB.O) personal data, sources familiar with the matter told Reuters on Tuesday.
The British data analytics consultancy had approached a firm that advises companies on how to structure an initial coin offering, an increasingly popular online fundraising scheme involving the issue of a new digital currency, the sources said.
The firm was looking to raise as much as $30 million, one of the sources said. It is not known if Cambridge Analytica is still pursuing such plans. A spokesman did not comment on the coin offering, but did say the firm was looking at using blockchain – the technology underlying digital currencies – to help people secure their online data.
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