Cambridge Analytica was Planning to Launch a Digital Currency
Controversial firm planned to launch its own digital currency
Reports have indicated that Cambridge analytica was planning to raise money by issuing its own cryptocurrency before it was involved in the scandal of misusing Facebook data. The company had already met several firms for advice on how to structure its Initial Coin Offering. Even though it’s not clear whether they still have the plan to launch their own digital currency their spokesman said that the firm was considering using Blockchain technology for securing online data.
According to him:
“Before the Facebook controversy we were planning to develop technologies which would help people reclaim their personal data from the corporate world and ensure transparency and control of their data. The plan to personalize data is still on, and we are exploring different options which include Blockchain technology.”
Cambridge Analytica was hired by Donald Trump during the 2016 presidential campaigns which saw it come under intense scrutiny after it was discovered that the firm had been using Facebook user data without their consent or even approval. The company is said to have harvested private data from profiles of over 50 million Facebook users without their knowledge. This led to uproar all over the world with the firms CEO being questioned by both the US Congress and the British Parliament.
Kenya’s opposition Leader Raila Odinga also threatened to sue Cambridge Analytica since it also worked with the current president Uhuru Kenyata for what he believed was voter manipulation for the England based firm. The firm has, however, come out defending itself against any wrongdoing.
ICOs have become the easiest way and also the most popular way to raise capital for many startups. A good example is Telegram which has raised 1.7 billion dollars in two ICOs to develop a Telegram messaging app and also for the developing of its own Blockchain Platform called the Telegram Open Network.