Beam Development Limited is an Israeli privacy-oriented cryptocurrency startup which secures transactions by enabling transaction data to be verified by a specified third party. According to a recent announcement published on Monday, Recruit Co., Ltd. (Japanese employment information services company) invested an undisclosed amount of funding in Beam. Recruit made this announcement on Monday, that the investment was made via Recruit’s $25 million funds called RSP Blockchain Tech Fund Pte. Ltd. that was established in November 2018. RSP Blockchain Tech Fund is a venture between Recruit and its subsidiary Recruit Strategic Partners. It aims to invest in “promising” blockchain-based startups.
The announcement stated:
Beam token prevents the “divulgation of transaction data to third parties and protects user’s transaction information.” Recruit further added that it “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.”
Beam went live in Jan 2019 and became the first cryptocurrencies based on Mimblewimble. Mimblewimble protocol that reduces the size of the overall blockchain and secures the transaction. The same was confirmed by Beam via Tweet stating that:
“This investment helps Beam fulfill its mission in Japan too when it comes to deploying a compliant, scalable, and confidential cryptocurrency.”
Beam is planning to introduce a Mimblewimble-compatible lightning network to boost altcoin where payments require quick confirmation. Beam claims that it offers three times faster transaction capacity than that of Bitcoin’s. The startup is trading at $1.26 with a gain of almost 4.5 percent per day.
Recruit Co., Ltd was founded in the year 1960. It is a global advertising and employment information services company. The company acquired both job search portal Indeed.com in 2012 and Glassdoor in last year. According to the Recruit’s website, it has also invested in four other blockchain startups other than Beam. The four startups are blockchain identity startup ShoCard, crypto debit cards provider Shift Payments, Japanese bitcoin exchange BitFlyer and blockchain payments provider Veem.