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Investment

Privacy coin Beam receives funding from Japanese internet giant

Recruit, Japan's largest internet conglomerate, has invested in privacy-focused cryptocurrency Beam, the company has announced in a press release. Back in January, Recruit invested in Beam through its Blockchain Tech Fund established in November last year. Recruit is an internet pioneer that initially started as a job-placement firm but grew to the largest internet company in Japan providing a mix of consumer facing services.

Beam is a Mimblewimble-based privacy coin that does not store any private information on the blockchain and provides opt-in auditability. According to Recruit, “While securing auditability of transactions by allowing transaction data to be verified by a specified third party, Beam token provides a blockchain with a function that prevents the divulgation of transaction data to third parties and protects the user's transaction information.”

The company sees the importance of regulation and supervision of the blockchain technology, and is planning to monitor and support “the healthy development of not only the blockchain technical field, but also the relevant legal systems and new technological fields.”

Recently, Recruit has invested in at least four more blockchain-based companies—bitFlyer, ShoCard, Shift, and Veem.