The Japanese internet behemoth Recruit has reportedly made it to the headlines for launching a $25 million blockchain fund. As per an official press release, the firm had announced that the fund called the RSP Blockchain Tech Fund Pte. Ltd. was introduced in November 2018. The fund is focused on making rapid investments in blockchain-based startups, the press release claimed.
Recruit stated that the fund would look for investment methods other than the acquisition of shares for the purpose of investment and via investment activities in startup companies that utilize tokens to raise capital, the fund would encourage the development and dissemination of blockchain technology.
Moreover, the fund will mainly invest overseas and would consider the investment as per the rules and regulations of each jurisdiction concerned, the company added.
Reportedly, the first investment has been made in an Israeli blockchain startup Beam. The Israeli startup apparently created a Mimblewimble-based Privacy Coin that secures transactions by allowing transaction data to be authenticated by an authorized third-party, reported sources familiar with the development.
Recruit also elaborated how existing tokens pose a challenge of leaking potentially confidential transaction data to third parties. While protecting auditability of the transactions by enabling transaction data to be authenticated by a specific third-party, Beam token offers a blockchain with features that stop the divulgation of transaction data to third parties and secures the user’s transaction data, Recruit added.
Beam confirmed the investment provided by Recruit through a tweet, stating that the funding will help the company to accomplish its Japanese mission as well, especially when it comes to deploying a scalable, compliant, and confidential crypto currency.
Reportedly, Beam had secured a total of $5 million and besides Recruit, the funding also drew support from Ofer Rotem’s Collider Ventures. Apart from Beam, Recruit has also invested in four other blockchain and crypto startups comprising of ShoCard, Shift Payments, Veem and BitFlyer, reported sources.