Recruit Co Ltd in Japan has announced the completion of its investment in Israel-based confidentiality-focused blockchain company Beam, at the same time revealing it had earlier set up a blockchain investment fund worth $25 million.
In a press release on Feb 18, Recruit said the Beam investment was aimed to meet the challenge of potentially confidential transaction data information being leaked to third parties. The amount invested by Recruit was not disclosed.
Referencing the news, Beam tweeted that the investment helps it fulfill its mission in Japan to deploy a compliant, scalable, and confidential cryptocurrency.
While Recruit claims to recognize the “revolutionary impact” of blockchain technology in facilitating innovation and preserving confidential data, Recruit also said it understands the need for “appropriate government regulation” to ensure the technology is not abused. To this end, Recruit added that it will “monitor and support the healthy development” of the blockchain field, as well as relevant legal systems and other new technological fields.
Recruit quietly established the Recruit Strategic Partners (RSP) Blockchain Tech Fund in Singapore in November 2018 without fanfare or official announcement. The fund is to focus on investing in promising overseas start-ups with the aim of discovering new technologies, business models, and business opportunities.
In a talk with TechCrunch, Youngrok Kim, a Senior Vice President of RSP shared about the plan to use this fund: “When we had an equity fund we weren’t as flexible as we wanted to be, we weren’t in a position to buy tokens and assets. We will continue to have two vehicles, we will use the crypto fund and the RSP fund in tandem as needed.”
Despite the ongoing bearish crypto market, Kim maintains an upbeat view: “We still see a lot of ICOs, the relative number is smaller but we still see a good amount of deal flow for token and equity raising. We are positive with the outlook. We’re a strong believer in blockchain and decentralized technology.”
Previously, Recruit made investments into several blockchain companies, including Shift Payments, ShoCard, Veem, and BitFlyer. Recruit Co Ltd is an intermediate holding company of Recruit Holdings, which owns recruitment-related websites Glassdoor and Indeed.