Israel-based crypto startup Beam has secured an undisclosed amount from the Japanese recruiting platform giant Recruit Co. Ltd.
The firm confirmed the news on February 18, revealing that it has received the funding prior to its mainnet launch last month.
We are happy to reveal that Japanese public group, Recruit Co. LTD has invested in Beam prior Mainnet. This investment helps Beam fulfill its mission in Japan too when it comes to deploying a compliant, scalable, and confidential cryptocurrency. https://t.co/suw6uaibVt @_tanayuk
— @Beamprivacy (@beamprivacy) February 18, 2019
Recruit is the parent company of employment-related search engines Indeed.com and Glassdoor. According to the official announcement, the Japanese company invested through its RSP Blockchain Tech Fund, which was set up last November. The firm set the total corpus of the fund at $25 million.
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“The fund will focus on investment methods other than the acquisition of shares for the purpose of investment and, through investment activities in startup companies that use tokens to raise funds, it will promote the development and dissemination of blockchain technology,” the Japanese giant noted.
Making Privacy Customizable
Beam is developing a privacy-centric cryptocurrency based on Mimblewimble protocol. The company released its mainnet on January 3 and became the first digital coin based on the underlying protocol.
Unlike other privacy coins, Mimblewimble-based tokens are highly customizable as the users can set the required privacy level.
“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 announcement explained. “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.”
Adding More Features
Earlier Beam’s CEO Alexander Zaidelson revealed that the company is also working on two side projects – Project Lumini and Beam Lightning. The first one aims to connect the blockchain of Beam and Ethereum while the second one will integrate lightning network on Beam’s blockchain.
According to Recruit’s website, the company has already invested in four other blockchain-based projects – Shift Payment, ShoCard, Veem, and bitFlyer. It is interesting to note that Shift Payment has recently announced the shut down of its service in April.