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A company that has been described as Japan's answer to LinkedIn has invested in the Beam (BEAM) crypto project. Recruitment giant Recruit Co., Ltd has invested through its RSP Blockchain Tech Fund.
Launched in January of this year, Beam (BEAM) is a cryptocurrency focused on privacy. It is currently ranked 285th, with a total market cap of just over $7.77 million.
Read more: Beam wallet developers admit that user funds could have been at risk
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. https://t.co/suw6uaibVt @_tanayuk
— @Beamprivacy (@beamprivacy) February 18, 2019
The investment from Recruit will mostly be used to "fulfill its mission in Japan", as reported by CoinDesk. The amount invested was not disclosed, but it comes from Recruit's $25 million blockchain fund which is a co-venture with Recruit Strategic Partners (RSP), the company's subsidiary.
Recruit has also invested in four other blockchain and crypto projects: crypto debit cards provider Shift Payments, blockchain identity startup ShoCard, blockchain payments provider Veem and Japanese bitcoin exchange BitFlyer.
Read more: What happens to Bitcoin if the stock market crashes?