Recruit Holdings, Japanese internet giant, debuts blockchain fund with $25M

Japanese internet giant that recently acquired Glassdoor for $1.5 billion, Recruit Holdings, has quietly debuted their Singapore-based blockchain startup fund with a $25 million price tag.

The Japanese HR and consumer-information provider said it established the fund – RSP Blockchain Tech Fund – in November 2018 to invest in “promising startup companies” with the aim of discovering new technologies and new business models. The fund, it added, will primarily invest overseas.

“We recognized the growing importance of exploring business opportunities in this field, and we established the new fund with the aim of rapid investment in related startup companies,” Recruit Holdings said in a statement. 

The fund’s establishment was only made public last week, or three months after its launch, when Recruit announced its investment, through the fund, in Beam Development, an Israel-based provider of blockchain that protects user information from being leaked to third parties. Financial details of the investment were not disclosed. 

Aside from providing a blockchain that prevents transaction data from being leaked, Beam’s token also ensures “auditability of transactions” by allowing data to be verified by a specified third party, Recruit said. 

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