Recruit Holdings Co. Ltd., a major global staff provider based in Tokyo, Japan, has reportedly invested in Provenance Blockchain Inc., a US-based firm that provides a blockchain platform designed for the financial sector.
The investment was made by RSP Blockchain Tech Fund Pte. Ltd., Recruit’s investment arm based in Singapore, according to a report published to the website of Staffing Industry Analysts.
Recruit Holdings explained that it sees potential in the blockchain firm, as the innovative technology is becoming a key factor in the financial industry.
“Provenance offers a production blockchain platform where member financial services institutions can directly originate, finance and sell various financial products without intermediaries,” according to a statement by Recruit.
Provenance is known as a blockchain for end-to-end loan transactions. In other words, its platform will be used to originate, finance, securitize, and trade loans in the secondary market, as well as receive payments. The emphasis is on the securitization aspect, a US$3 trillion market with significant room for cost savings.
Previously, Provenance Blockchain Inc. raised US$20 million in security token offerings (STOs) from blockchain and conventional tech investors, whose names were not disclosed.
Recruit Holdings has also launched a US$25 million blockchain fund with the establishment of RSP Blockchain Tech Fund Pte. Ltd., launched in November 2018. The fund was made public in February with the announcement of investment in Beam Development Limited, another blockchain solutions provider based in Israel.
The fund is focused on blockchain startup companies primarily based overseas and will deal in both tokens and equity.
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