Japan-headquartered human resources firm Recruit Holdings has launched a $25m Singapore-based corporate venturing fund to invest in blockchain technology and cryptocurrencies.
RSP Blockchain Fund, which closed in November 2018, will primarily target direct investments in blockchain-related startups that are using tokens to raise funding. Its existence was confirmed by its parent this week.
The unit will invest in startups working on blockchain technology that are looking to raise capital through the issue of tokens rather than equity shares. It will primarily concentrate on international investments and operate alongside Recruit’s Recruit Strategic Partners (RSP) unit.
Recruit senior vice-president Youngrok Kim told TechCrunch: “When we had an equity fund we were not as flexible as we wanted to be.
“We were not 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.”
The first company to join RSP’s portfolio is Beam Development, an Israel-based developer of blockchain-based identity protection technology that has received an undisclosed amount from the fund.
Beam enables multiple asset types and cryptocurrencies to be created and exchanged securely by preventing the exposure of transaction data to third parties.
RSP had already made investments in crypto-based debit card provider Shift Payments, blockchain payments provider Veem, bitcoin exchange BitFlyer and blockchain identity technology developer ShoCard.