LIVE NOW

Recruit Holdings, a $50 billion tech company, makes strategic investment in Blockstack

Posted: 23 August 2019 4:14 pm
News

Picture not described

The new partnership helps give Blockstack fertile ground on which to grow.

Recruit Holdings has an interesting history. The Japanese company was founded in 1960 as a newspaper advertising agent, specialising in university newspapers and job placements. A few years later this focus saw it evolve into a recruitment firm.

From there it expanded and started folding other businesses under its wing. A couple of decades later, in 1988, it may have unintentionally changed the course of history by forcing political upheaval in Japan through an insider trading and corruption scandal.

It's quite appropriate. After all, revealing corruption and forcing political resignations is exactly what good newspapers aspire to.

After the scandal, Recruit was absorbed by another holding company and it kept growing from there.

Today some of the best-known names under the Recruit Holdings umbrella include Indeed and Glassdoor, recently acquired for US$1.2 billion and $1 billion respectively, and Recruit Holdings is now a $50 billion tech company, specialising in education, employment and matchmaking, but also plenty of other areas.

This context is worthwhile for the purpose of understanding the scale of recruit holdings, the potential significance of its Blockstack investment and because it just goes to show that newspapers really can be profitable.

It gives Blockstack a direct line to educational institutions, employers and a wide range of digital communities, as well as an expansive set of industries across which to explore blockchain solutions.

It also helps contextualise a recent partnership between Blockstack and Lambda School, with Blockstack taking form as an education/jobs-oriented blockchain.

Strategic Blockstack investment

The investment comes from the RSP (Recruit Strategic Partners) Blockchain Tech Fund.

"Blockstack was an obvious choice for our next investment via the RSP Blockchain Tech Fund. We are constantly looking to uncover the most innovative, new technologies and business models, with the goal of increasing awareness of this technology in Japan," said an RSP spokesperson. "We are excited to support the expansion of Blockstack’s developer base, as the team continues to accelerate the growth of the Blockstack ecosystem."

Following the investment, the goal is to introduce Blockstack and its "Can't Be Evil" app ethos to the Japanese blockchain developers, to start building out a community in Japan, said Blockstack CEO Muneeb Ali.

"With this investment from Recruit Holdings, we plan to introduce the concept of Blockstack apps that Can’t Be Evil to Japanese developers and start building a community of developers and enthusiasts in Japan," he said. "We believe that the world is moving from cloud computing to decentralized computing, and we plan to explore use cases of Blockstack in cloud markets that Recruit operates in."

The Blockstack STX token was the USA's first SEC-approved general public security token sale. But this isn't RSP's first blockchain investment. Its other ventures include blockchain identity systems, logistics technology and the Mimblewimble-based Beam anonymous cryptocurrency.



Also watch


Disclosure: The author holds BNB, BTC at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site