Japan’s LinkedIn Recruit Invest In Privacy Coin Project Beam

Announcements, Blockchain, Investing, News | February 25, 2019 By:

Japanese Internet giant Recruit has invested an undisclosed amount in Israeli blockchain startup Beam.

Recruit, Japan’s equivalent to LinkedIn and the parent company of employment-related search engines Indeed.com and Glassdoor, announced earlier this month that it created a fund, called RSP Blockchain Tech Fund, in November 2018 to make “rapid investment” in blockchain-related startups. The firm said that the fund will primarily invest overseas and will consider its investment in accordance with the rules and regulations of each jurisdiction concerned.

In its announcement, the firm said that the fund has made its first investment in Beam, a privacy-oriented crypto project that claims to secure transactions by enabling transaction data to be verified by a specified third party. In addition to Recruit, Beam’s $5 million funding round drew support from Ofer Rotem’s Collider Ventures.

Recruit said that they decided to invest in Beam because the startup provides a blockchain with a function that prevents the divulgation of transaction data to third parties and protects the user’s transaction information.

“Recruit recognizes the revolutionary impact of blockchain technology in facilitating innovation while preserving confidential data, but at the same time Recruit understands the need for appropriate government regulation to ensure that this new technology is not abused,” the firm said. “Recruit will monitor and support the healthy development of not only the blockchain technical field but also the relevant legal systems and new technological fields.”

Beam confirmed the investment in a Tweet, stating that the investment will help the company fulfill its mission in Japan when it comes to deploying a compliant, scalable, and confidential cryptocurrency.