Indeed Owner Invested In Beam Crypto Currency Project
A Japanese company which managed Indeed — the largest recruitment service, Recruit Co. invested in an Israeli blockchain startup Beam Development Limited.
According to the press release published on Recruit Co. site, the company set up a fund called RSP Blockchain Tech Fund Pte. Ltd for investments in blockchain startups. It invested in Beam Development Limited via this fund. Investment amount is not revealed.
Beam Development Limited develops privacy-oriented cryptocurrency Beam (BEAM) based on MimbleWimble protocol. It was launched on January, 3rd. According to the developers, it is impossible to track transactions made via MimbleWimble, the crypto currency users decide what information will be available to other transaction participants.
Recruit Co. noted in the press release that it admitted revolution impact of blockchain technology on innovation industry. Although the company is sure, private data protection that the distributed ledger can provide is important, the technology still needs governmental regulation.
Beam team confirmed getting investments form Recruit Co. fund in its Twitter and highlighted that it was going to use the funds to carry out its mission in Japan – to promote Beam crypto currency among the country’s citizens.
Recently, the startup representatives shared plans for launch of Mimblewimble-compatible Lightning Network (LN) protocol. Thus, the developers were planning to increase Beam transaction procession speed and to increase its commercial attractiveness.
Additionally, Litecoin (LTC) creator told in the end of January that it was negotiating with Beam crypto currency on implementation of MimbleWimble encryption protocol-based anonymous transactions into Litecoin network. According to the latest post of Litecoin on Medium, it will help both to increase transaction privacy and to reduce costs.