Recruit Holdings invests in privacy-focused crypto Beam

Recruit Holdings invests in privacy-focused crypto Beam

Recruit Co. Limited has announced that it has invested in Beam, a privacy-focused cryptocurrency. Recruit invested in Beam through its subsidiary $25 million RSP Blockchain Tech Fund. The fund focuses on the acquisition of shares in overseas blockchain companies. 

Recruit is a Tokyo, Japan-based tech and human resources multinational giant. It’s primarily known for its job engine site, Indeed is the most visited jobs listing portal in the world. Recruit also owns Glassdoor, a job listing and employee review website.

In its press release, Recruit cited Beam’s privacy features as the key reason it had invested in the project. With the rise in token use for settlement, it’s expected that corporates will start using these tokens in corporate activities. With this, the need for privacy will increase to prevent the leaking of data to third parties, the company explained. Beam’s cryptocurrency will thus have a huge market in the near future.

The press release further stressed Recruit’s belief in the potential of blockchain technology, as well as the need to keep it in check.

“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. 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 also announced the investment on its Twitter page. The investment will help Beam fulfill its mission in Japan of creating a scalable and confidential crypto, it said.

Beam’s cryptocurrency, known as BEAM, implements the Mimblewimble protocol. This is a variant of confidential transactions in which a transaction is verifiable but its details are withheld. It enhances privacy and allows its users to send confidential transactions. It also allows opt-in auditability, a feature that’s crucial if it’s to target corporates.

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