Japanese employment information services company Recruit Co., Ltd. has invested with in an exceedingly blockchain-focused company Beam Development limited, as per an announcement published on February. 18.
Per today’s announcement, Recruit has invested with in Israeli blockchain startup Beam Development limited. The investment was made through Recruit’s $25 million fund referred to as RSP Blockchain tech Fund Pte. Ltd. The latter is targeted on investment and acquiring shares in blockchain and cryptocurrency firms.
Beam is a privacy-oriented crypto project that supposedly secures transactions by enabling transaction data to be verified by a specific third party. The announcement states that the Beam Coin/token prevents the “disclosure of transaction data to 3rd parties and protects user’s transaction info.”
Recruit more stressed that it “recognizes the revolutionary impact of blockchain technology in facilitating innovation whereas conserving confidential information, however at the same time Recruit understands the necessity for appropriate government regulation to confirm that this new technology isn't abused.”
Beam confirmed the recent investment on Twitter, stating that it “helps Beam fulfill its mission in Japan [...] once it comes to deploying a compliant, scalable, and confidential cryptocurrency.”
Founded in 1960, Recruit Co., Ltd. acts as an advertising and employment data services company internationally. The firm acquired job search portal indeed.com in 2012, so job search website Glassdoor in 2018.
Recently, Beam (BEAM) declared that it plans to introduce a Mimblewimble-compatible lightning network (LN) to boost the altcoin in commercial settings where payments would need fast confirmation. Whereas Beam’s paper states that their transaction capability is thrice quicker than that of Bitcoin’s (BTC), the paper notes that it's not at the same level as alternative major payment processors.
According to a Litecoin Foundation blog post revealed February. 7, Mimblewimble is partially a variant of “Confidential Transactions,” that permits for transactions to be “obfuscated yet verifiable,” so as to attain each heightened privacy and prevent double spending.
At press time, BEAM is trading at $1.26, having gained around 4.5 % on the day, as per data from Top Market Cap. The coin’s market capitalization is around $7.8 million, whereas its daily trading volume is around $7 million at press time.
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