Cryptocurrency News

The Privacy Coin Project – Beam finds new investors in the form of Indeed and Glassdoor Job Search Engine’s owners

As per a declaration made on 18th February, Recruit Co., A Japanese employment information Services Company, has invested in the blockchain focused company, Beam Development Limited.

According to the press release, Recruit has invested in the Israeli based blockchain startup dubbed as Beam Development Limited. The investment was completed via Recruit’s $25 million funds known as RSP Blockchain Tech Fund Pte. Ltd which was formed in last November.

The Fund is primarily focused on investing and acquiring shares in blockchain and cryptocurrency companies. The fund would majorly invest in overseas market foreign and make the investment in accordance with the prevailing rules and regulations issued by the respective country.

Recruit Co., Ltd founded in 1960, Recruit and its subsidiary Recruit Strategic Partners, Inc. invests in promising start-up companies with their concentration around detection of latest technologies, innovations and new business products, and taking over other business opportunities that are pertinent to the development of new businesses for the Recruit Group. The organization had taken over the job search portal Indeed.com in 2012 and then acquired job search site Glassdoor in 2018.

Recruit further emphasized 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. 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.”

The announcement further read that, “Recently, with the increase in settlement services and exchange services using tokens, there are great expectations for the use of blockchains in corporate activities. However, with existing tokens, there is a challenge of potentially confidential transaction data information being leaked to third parties. 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.”

Beam is a privacy-oriented crypto project whose major focus is to secure transactions by allowing transaction data to be checked by a prescribed third party.

In the post Beam stated “Recently, with the increase in settlement services and exchange services using tokens, there are great expectations for the use of blockchains in corporate activities. However, with existing tokens, there is a challenge of potentially confidential transaction data information being leaked to third parties. 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.”

Beam confirmed about the latest investment made, on Twitter, and stated that it would “helps Beam fulfill its mission in Japan […] when it comes to deploying a compliant, scalable, and confidential cryptocurrency.”

It tweeted “We are happy to reveal that Japanese public group, Recruit Co. LTD has invested in Beam prior Mainnet. This investment helps Beam fulfill its mission in Japan too when it comes to deploying a compliant, scalable, and confidential cryptocurrency.”

Beam (BEAM) has also declared recently that it is planning to initiate a Mimblewimble-compatible lightning network (LN) to improve the altcoin in commercial settings wherever the payments would need rapid confirmation. Also, as per the information revealed from Beam’s paper, it signifies that their transaction processing capacity is currently three times faster than that of Bitcoin’s (BTC).

During press time, BEAM was trading at $1.2 which was down by approximately 3 percent for the day. The coin’s market capitalization is around $7.72 million, whereas its daily trading volume was about $6 million at press time.

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