Privacy-oriented cryptocurrency startup Beam has secured an undisclosed amount of funding from “Japan’s equivalent to LinkedIn” Recruit Co., Ltd.
Recruit, which is known as the local equivalent of LinkedIn, Booking.com, Yelp, Zillow and others into a single app, has announced that it has invested in cryptos. The company has invested in Beam Development Limited, the company that created the BEAM tokens.
Beam Privacy Coin has revealed that the Japanese group invested in the company before they released their mainnet and that this will help the company deploy its product in Japan more easily.
The investment was made at the beginning of January and it was made through a Recruit’s venture fund that is only focused on investing in blockchain technology, according to the official information released by the companies. The estimated value of the investment is said to be around at $25 million USD, but no clear number has been given by the companies.
RSP Blockchain Tech Fund Pte. Ltd., the fund designed to deploy capital to tech focused startups, is now interested in non-equity funds and it is already planning to organize a token sale agreement that will help with the growth of the crypto industry.
Recruit decided to invest in blockchain technology because the company decided that confidential transactions were a key element that could convince private companies in using blockchain, which would help with the growth of the industry as well as to benefit the company for investing in this technology.
The reports affirm that Recruit saw the revolutionary aspect of cryptos and decided to facilitate innovation while preserving the confidentiality of the transactions. However, the company is certain that this kind of technology will have to be regulated in order to achieve the best results so that no abuse is made using the technology.
Recruit has made at least four more blockchain investments recently, including companies like ShoCard, bitFlyer, Veem, and Shift.
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