Privacy-oriented cryptocurrency startup Beam has secured an undisclosed amount of funding from Japan’s equivalent to LinkedIn, Recruit Co., Ltd.
Recruit said the reason it backed the firm was because Beam provides a blockchain that prevents the exposure of transaction data to third parties, thus protecting user's information.
Beam went live back in January and became one of the first cryptocurrencies based on Mimblewimble, a protocol that makes transactions confidential and reduces the size of the overall blockchain. Since launch though, the project has faced some technical difficulties. Most recently, its network stopped for a a number of hours before operations were restored.
Through its RSP Blockchain Tech Fund, a venture between Recruit and its subsidiary Recruit Strategic Partners, Inc. (RSP), Recruit said it aims to invest in “promising” blockchain companies.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.