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Japanese Internet and HR firm announces that they have launched a $25 million blockchain funding project.
Recruit Holdings, which also owns Glassdoor and Indeed, established Recruit Strategic Partners (RSP) Blockchain Tech Fund in November 2018. This news just became public knowledge after it was brought to the spotlight within the past week per their announcement of investment in Beam, a confidentiality-conscious blockchain provider.
The purpose behind RSP Blockchain Tech Fund, is to supply rapid investment in blockchain-related startups. These startups are not limited to location, as they are planning to look into companies primarily from overseas, with Beam being located in Israel.
Youngrok Kim, the senior VP of RSP, spoke with TechCrunch on the establishment of the blockchain fund and what they plan to set out and accomplish:
“When we had an equity fund we weren’t as flexible as we wanted to be, we weren’t in a position to buy tokens and assets. We will continue to have two vehicles, we will use the crypto fund and the RSP fund in tandem as needed.”
Although this year we saw, and are still seeing a bear market with crypto, Kim still has hope and believes in operating a token-based fund, as he outlined in the interview:
“We still see a lot of ICOs, the relative number is smaller but we still see a good amount of deal flow for token and equity raising. We are positive with the outlook,” he said. “We’re a strong believer in blockchain and decentralized technology.”
Speaking on the investment into Beam, Kim says that there are currently various upcoming deals alongside of Beam that we can expect to see coming down the pipeline in the future.