Bitcoin price surged and broke the $3,720 and $3,880 resistance levels against the US Dollar.The price traded close to the $4,000 resistance level and a new weekly high was formed at $3,955.There is a connecting bullish trend line formed with support at $3,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair corrected lower, but dips remain well supported above $3,800 and $3,720.Bitcoin price rallied above the key $3,800 resistance against the US Dollar. BTC could move into a medium term uptrend if there is a successful daily close above $4,000 and $4,200.Bitcoin Price AnalysisIn the last couple of analysis, we discussed the chances of bitcoin price hitting the $4,000 level against the US Dollar. The BTC/USD pair did gain bullish momentum recently and broke the $3,650 and $3,720 resistance levels. There was a clear bullish break noted above the $3,800 resistance and the 100 hourly simple moving average. The main driving force was Ethereum, which rallied recently towards the $150 resistance level. It helped BTC to climb towards the $4,000 resistance area. A high was formed at $3,955 and later the price started a downside correction.It declined below the $3,900 support and the 23.6% Fib retracement level of the last wave from the $3,553 low to $3,732 high. Sellers pushed the price towards the $3,840 level (the previous swing low), where buyers emerged. On the downside, there are many supports near the $3,800 level. More importantly, there is a connecting bullish trend line formed with support at $3,800 on the hourly chart of the BTC/USD pair. Besides, the 50% Fib retracement level of the last wave from the $3,553 low to $3,732 high is near the $3,819 level.If there is a downside break below the $3,800 support, the price could test the $3,720 support level. An intermediate support is $3,750 and the 76.4% Fib retracement level of the last wave from the $3,553 low to $3,732 high. Therefore, dips remain well supported as long as the price stays above the $3,720 pivot level.Looking at the chart, bitcoin price is placed nicely in an uptrend above $3,800. On the upside, an initial resistance is at $3,950 and $4,000. However, the main resistance is at $4,200, where sellers could emerge. On the positive note, if there is a successful daily close above $4,000 and $4,200, the price is likely to start a medium term uptrend.Technical indicatorsHourly MACD – The MACD is slowly gaining pace in the bearish zone, but with limited strength.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD corrected lower, but it is still above the 60 level.Major Support Level – $3,820 followed by $3,800.Major Resistance Level – $3,950 and 4,000.
Archives for February 18, 2019
The total crypto market cap added more than $10.0B recently and broke the $130.0B resistance.Litecoin (LTC) price gained momentum and broke the $45 and $47 resistance levels.Bitcoin cash price rallied close to 15% and tested the $150 resistance area.Tron (TRX) price managed to climb back above the $0.0250 resistance zone.Stellar (XLM) price is slowly correcting higher towards the $0.0880 and $0.0920 levels.The crypto market extended gains, with bullish moves in bitcoin (BTC) and Ethereum (ETH). Besides, litecoin, ripple, bitcoin cash, tron (TRX), stellar (XLM) and other altcoins also gained traction.Bitcoin Cash Price AnalysisBitcoin cash price started a solid upward move recently and broke the $130 resistance against the US Dollar. The BCH/USD pair gained traction and surpassed the $140 and $145 resistance levels. The price is up close to 15% and it recently tested the $150 resistance level.At the moment, the price is correcting lower towards the $146 and $145 support levels. The mains support on the downside is at $142 and the key resistance on the upside is at $150 and $155. In the short term, there could be a downside correction before a fresh wave towards $155.Litecoin (LTC), Tron (TRX) and Stellar (XLM) Price AnalysisLitecoin price also moved higher and broke the $45 resistance area. LTC is up around 7% and it recently broke the $47 resistance. It seems like the current price action is positive, with chances of more upsides above the $48 and $50 resistance levels. On the downside, the key supports are visible near $46 and $45.Tron price formed a support base near the $0.0240 level and later started an upside correction. TRX price moved above the $0.0250 resistance, opening the doors for a decent recovery. The next major hurdles for buyers are $0.0255 and $0.0262 in the near term.Stellar price also started an upside correction and moved above the $0.0800 resistance. XLM price is currently trading above $0.0840 and it could soon test the $0.0880 resistance level. The main resistance is at $0.0920, above which it could test the $0.1000 resistance zone.Looking at the total cryptocurrency market cap hourly chart, buyers gained control above the $120.0B and $121.0B resistance levels. The market cap rallied and broke the $125.0B and $130.0B resistance levels. A high was formed near $131.0B and it is currently correcting lower. However, there is a strong support formed near the $126.0B level and a bullish trend line on the same chart. On the upside, the main resistances are $130.0B and $132.0B, followed by $135.0B. Therefore, dips remain supported in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, BNB, TRX and other altcoins in the coming sessions.
Ripple price followed Ethereum and bitcoin to move into a bullish zone above $0.3100 against the US dollar.Buyers gained traction above the $0.3100 and $0.3150 resistance levels before sellers appeared near $0.3290.There is a key bullish trend line formed with support near $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is currently correcting lower, but it remains supported above $0.3160 and $0.3140.Ripple price jumped above key resistance levels against the US Dollar and bitcoin. XRP/USD is now trading with a positive bias and it could continue to rise towards $0.3300 and $0.3400.Ripple Price AnalysisAfter a solid upward move in Ethereum and bitcoin, ripple price finally gained traction above $0.3050 against the US Dollar. The XRP/USD pair started a decent uptrend and broke the $0.3000 and $0.3060 resistance levels. The pair moved into a bullish zone above the $0.3100 resistance and the 100 hourly simple moving average. Buyers took control above the $0.3100 level, resulting in gains above the $0.3150 and $0.3200 resistance levels. The price traded close to the $0.3300 resistance and a new weekly high was formed at $0.3292.Later, there was a sharp downside correction below $0.3260 and $0.3240. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. The decline was such that the price tested the $0.3160 support area. An immediate support is near the $0.3150-0.3160 zone. It represents the 50% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. More importantly, there is a key bullish trend line formed with support near $0.3140 on the hourly chart of the XRP/USD pair.Therefore, buyers are likely to take a stand near the $0.3160 and $0.3150 levels. If there are additional declines, the price could test the $0.3110 support. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. The mains support is near the $0.3095-0.3100 zone (the previous resistance). To the topside, an initial resistance is at $0.3220, above which the price may rise towards $0.3260.Looking at the chart, ripple price clearly moved into a bullish zone above $0.3100. However, buyers need to protect declines below $0.3100. If they fail, the price might move back in a bearish zone to $0.3000. This week, buyers could target the $0.3400 and $0.3500 resistance levels as long as the price is above $0.3095.Technical IndicatorsHourly MACD – The MACD for XRP/USD just moved into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.Major Support Level – $0.3100Major Resistance Level – $0.3260
Mining hardware giant Bitmain lost about $500 million in the third quarter of 2018 amid an overall bearish market for cryptocurrency, CoinDesk has learned.
The Beijing-based company recently provided an update on its financial results to the Hong Kong Stock Exchange (HKEx), which is reviewing Bitmain’s application for an initial public offering (IPO) first filed in September.
The update showed Bitmain earned around $500 million in the first nine months of last year, on slightly over $3 billion of revenues, according to a source familiar with the situation. The filing, which is not public, does not break down the results by quarter.
However, Bitmain previously disclosed it had grossed profits of $1 billion in the first half of 2018. Subtracting that from a $500 million profit for the first nine months leaves it with a net loss of roughly $500 million for the third quarter.
The company had also previously reported $2.8 billion of revenues for the first half, so the $3 billion figure for the first nine months works out to third-quarter revenues of just about $200 million.
(Bitmain only needs to provide the nine-month figures at this stage under HKEx rules, which say that listing applicants can be no more than six months behind on reporting.)
These are the first precise figures to show the company’s reversal of fortune following the significant growth in revenues and profits over the past several years documented in the IPO application filed in late September.
Bitmain declined to comment for this article, citing its pending IPO application.
However, Bitmain had already signaled it had fallen on harder times with layoffs and office closures around the world beginning at the end of the last year that affected almost every unit of the company. Its main businesses are manufacturing mining equipment and operating mining farms and pools – activities that have broadly suffered from the slump in crypto prices.
Hit to portfolio
Further, the update provided to HKEx showed Bitmain’s crypto holdings dropped in value from more than $800 million as of June 30 to less than $700 million at the end of the third quarter, the source said. This decline of more than $100 million over three months reflected the overall drop in market prices over that period.
The company’s IPO application, filed in late September, indicated that Bitmain mainly held bitcoin, bitcoin cash, ethereum, litecoin and dash, although it did not provide a breakdown of how much it held of each asset.
Since Sept. 30, all of the cryptos mentioned in that filing declined by more than 50 percent, according to CoinMarketCap.
In particular, the price of bitcoin cash, which forked off the original bitcoin network in 2017 with Bitmain’s support, declined by over 70 percent.
The nine-month financial update will not be revealed to the public unless Bitmain can proceed to a listing hearing with approvals from the HKEx before the six-month window closes on Mar. 26, the source said.
And it remains an open question whether that will happen, since, as previously reported, the HKEx is hesitant to approve applications from cryptocurrency mining equipment makers due to uncertainties about the sustainability of their profits.
Bitmain c0-founder Jihan Wu image from CoinDesk archives.
ETH price extended the recent rally and traded above the $144 and $148 resistances against the US Dollar.The price traded close to the $150 level and later started consolidating gains above $145.There is a major bullish trend line in place with support at $142 on the hourly chart of ETH/USD (data feed via Kraken).There could be a short term downside correction, but buyers remain in action above $140.Ethereum price posted solid gains against the US Dollar and bitcoin. ETH/USD tested the $150 resistance area and it may now correct lower before a fresh bullish wave in the near term.Ethereum Price AnalysisYesterday, we saw a nasty upward move from the $125 swing low in ETH price against the US Dollar. The ETH/USD pair rallied above the $130 and $136 resistance levels to move into a bullish zone. Later, buyers gained traction and pushed the price above the $140 and $142 resistance levels. There was a bearish reaction noted near the $148 level and the price dipped towards the $140 support. Sellers failed to gain momentum, resulting in a fresh upward move above the $145 and $148 resistance levels. It traded close to the $150 resistance and settled well above the 100 hourly simple moving average.At present, the price is consolidating gains above $145, with a few bearish moves. It broke the 23.6% Fib retracement level of the recent wave from the $134 low to $150 swing high. The last hourly candle is suggesting an increase in selling pressure below $150. However, there are many supports on the downside near the $145, $142 and $140 levels. More importantly, there is a major bullish trend line in place with support at $142 on the hourly chart of ETH/USD.If there is a break below the trend line, the price could test the $140 support area. It coincides with the 61.8% Fib retracement level of the recent wave from the $134 low to $150 swing high. Any further losses could spark an extended downside correction below $138 and $136. To the topside, the $148 and $150 levels are strong barriers for buyers in the near term.Looking at the chart, ETH price seems to be facing heavy offers near $150. Therefore, there could be a couple of swing moves above $140 before a fresh upward move. Above $150, the next target for might be $154 and $155.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently in the bearish zone, but with a few bullish signs.Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.Major Support Level – $140Major Resistance Level – $150
EOS, the Enterprise Operating System, which was developed by Block One, saw a huge increase, more than double that of Bitcoin by percentage, in the past couple days. The base token had been pushing the $3 mark while Bitcoin bumpered around inside the $3600 range.
When the Bitcoin price broke upwards last night, EOS went along with it – importantly, fiat markets didn’t adjust to the increased value of Bitcoin, but instead followed suit.
As the one-day chart above shows, EOS is far above the important $3 mark, resting comfortably at $3.50 after over $2 billion in volume. Comparing markets, it’s gained nearly 30% in the 5-day period:
The one-day chart looks more appealing, though. A well-timed entrance as Bitcoin began to break would have netted a healthy profit. Targets for the cryptocurrency are likely still in the single-digits. It’s been a long time since its all-time-high of more than $17.
EOS Nearing ICO Level Capitalization
As it presently stands, the total market capitalization of EOS is a net loss from the amount raised for its ICO, a reported $4 billion. Market cap at press time was $3.6 billion.
EOS doesn’t have far to go, however. Another $1 and it’s in the black from ICO prices. From there, where’s the top? We can at least assert that we’ve thus far seen the bottom on EOS, below $1.20.
The platform has the interesting Everipedia project built upon it. Of all the smart contract platforms, it has some of the highest usages. For all of this, at this stage in the game, it’s hard not to note that EOS is taking some time to pick up real steam in terms of widespread notoriety.
EOS Lacks an Exuberant Leader
Part of the problem may be a lack of proper nouns in relation to EOS. When one thinks of Ethereum, they think of Vitalik Buterin. When one thinks of Bitcoin, they think of a number of people, mostly likable or at least respectable. Bitcoin Cash, Roger Ver. Bitcoin SV, Craig Wright.
But when one thinks of EOS, one might have to do a web search just to see who’s responsible for the thing. This is a PR issue that EOS could solve. Or could it be a positive thing? For every Craig Wright supporter, there are 10 detractors. For every Vitalik Buterin fan, there are a few people who think he looks weird or lacks charisma. While EOS doesn’t have the benefit of highly visible leadership, it does lack the associated image problems.
While EOS seems to be struggling to achieve mass adoption (part of which may be a result of having to “pay” for an EOS wallet), the rest of the community isn’t far ahead of them. Developers laud the efficiency and usability of EOS, and it’s one of the few blockchain systems to deal with the issue of fraudulent transactions in the form of its decentralized arbitration process. There will never be a DAO hack in EOS, because the system could be used to fix the problem.
One thing is for certain as regards the blockchain and smart contract systems: the future is wide open. There’s plenty of room for EOS to thrive even as certain alternatives thrive at a higher rate. Like most things in the crypto community, EOS is still waiting for its moment to shine. The corporate structure of its development is a plus in this regard. When major companies select a blockchain to develop on, EOS might be more appealing because there is a central authority to consult on the best method of doing so.
Russia’s third-biggest bank by assets Gazprombank has elected to freeze the bank accounts belonging to Venezuelan state oil firm Petróleos de Venezuela, S.A. (PDVSA), Reuters reports.
Citing sources, the report indicated that the state-owned lender did so to lower its risks of coming under U.S. sanctions. Alongside China, Iran, Turkey and other countries, Russia is one of the strongest supporters of Venezuelan president Nicolas Maduro.
Last month when Venezuela’s National Assembly head, Juan Guaido, declared himself interim president the four voiced their support for Maduro.
This was contrary to the position taken by the United States and other western powers. Gazprombank’s move to freeze PDVSA’s accounts is thus likely to be seen as a blow to the embattled Venezuelan president.
PDVSA Says Reports of Gazprombank Freezing its Accounts is Fake News
PDVSA has, however, refuted the reports of its bank accounts being frozen by the Russian financial institution terming the development as ‘fake news’.
🗣 #FakeNews PDVSA nuevamente es atacada por personeros afectos a la derecha apátrida y por medios estadounidenses || Hoy, y siempre seremos la fuerza que impulsa la Nación y luchamos día a día por la soberanía del pueblo venezolano. pic.twitter.com/x4jWD732Gw
— PDVSA (@PDVSA) February 17, 2019
Fresh sanctions against PDVSA were announced late last month by the U.S. The sanctions are an attempt by the Trump administration to deny the Maduro regime access to oil revenues. This follows the Trump administration’s recognition of Guaido as the interim Venezuelan president. Immediately after those sanctions, the PDVSA informed clients to deposit the proceeds of oil sales to Gazprombank accounts. If confirmed, Gazprombank’s freezing of the accounts would thus be a devastating blow to PDVSA.
Nothing Personal, Just Business, Says Gazprombank
The move by Gazprombank to abide by the U.S. sanctions despite Russia’s pro-Maduro stance is an indication it has chosen business over toeing the Kremlin line. It is a pragmatic move as U.S. sanctions can have a devastating effect on its business. For the Russian lender, the sanctions imposed by the ‘global cop’ could mean restrictions when raising financing from Americans. Gazprombank has already had a taste of this as it was placed under similar sanctions five years ago.
Aware that the dollar monopoly is what makes U.S. sanctions effective, there have been attempts to undo this hegemony.
The U.S. Dollar is Not Losing Dominance Anytime Soon
Last year, for instance, Sergei Lavrov, the Russian Foreign Minister, said the dollar monopoly was being abused. Consequently, he predicted that the use of national currencies in international trade whenever they can would become fashionable:
I’m confident that such a gross abuse of the role of the U.S. dollar as a world reserve currency will undermine that role. To be on the safe side, more and more countries, even the ones that are not affected by U.S. sanctions, will gradually stop using the dollar and rely on more dependable partners with whom they can agree on using their currency.
So far, however, attempts to dismantle the dollar monopoly have been largely ineffective. Last year in June for instance, the share of the dollar in global payments reached 39.35%, according to Bloomberg. The renminbi, which China would like to occupy a more prominent global position fared poorly. The share of global payments carried out in the renminbi averaged 1.81%.
Bitcoin is over $3900 globally, though many exchanges still have it trading closer to $3850. Ethereum’s broken beyond $140, might take $150 before the day is through. Bitcoin Cash is right behind it. It’s green everywhere you look. Even Bitcoin SV is on the rebound, resting at $68 after $155 million in trades.
Of the top 100 cryptocurrencies, only 4 were showing a negative 24-hour change. One was Paxos Standard. We should expect a high amount of conversions to be going on with stablecoins today, a lot of turbulence in the market capitalization, as people get their money into various cryptos on the ride up.
The other three were something called Aurora, Power Ledger, and and Ark. Collectively they had less than $50 million in 24-hour volume, and Ark was the only big loser, dropping 14%. This likely has to do with people cashing out for Bitcoin or Ethereum, trying to catch the wave. They might come back when prices stabilize or begin to drop, or they might not. We’re only noting these four cryptos because they stand out as the day’s losers.
Let’s take a selection from the cream of the crop.
Bitcoin had almost $10 billion in volume. If you recall, we were expecting a breakout again, although perhaps not so soon. Bulls woke up itchy Monday morning. The momentum started late last night, US time.
Between Bitcoin, Bitcoin Cash, and Bitcoin SV, a little over $10 billion changed hands.
Bitcoin Cash gained the most by percentage, with Bitcoin SV in second place, as you can see.
Will Bitcoin test $4,000? If it does, will BSV break out and re-test $100? It’s hard to say from here, with $150 to go. People have had a couple months of opportunity to buy well beneath this level, so a dump frenzy could happen, which could bring the shyness back out in the bulls. We’ll see where we are tomorrow.
If the level holds for a few days, then we can expect it to hold for a few more, probably, and either repeat or do the opposite. There’s a rubber band effect in the Bitcoin market. Often big drops are followed by bigger rises, and vice versa.
Ethereum stood on Bitcoin’s shoulders and reached a bit higher.
It’s clear that Ether traders want to test $150 soon. What’s unclear is if there’s enough momentum for that. Again, we’ll have to check back tomorrow, or later tonight. The timing of this run indicates that it was probably happening on Asian Monday morning, which is western Sunday evening.
Litecoin is charting beautifully under Bitcoin, with a slightly higher gain in percentage due to its lower value. It did over $1.3 billion in volume in the past twenty-four hours. The $1 billion daily trading volume may be here to stay for Litecoin.
What Litecoin needs next is a gain independent of Bitcoin.
Binance stumbled on the way up, but it looks like it has room to grow. The token is used to get a discount in fees on Binance, and has been the #10 cryptocurrency, despite having no other realistic purpose, for a couple weeks.
As you can see, we added the BNB/BTC indicator on the Bitcoin chart, to see how attached to the Bitcoin price momentum that BNB is.
Effectively, it’s one of the most valuable utility tokens in history. We wonder what will happen in the future if Binance becomes a less popular exchange. Recently its volume was usurped for the first time in forever. Binance is ahead of the game, though, building its own decentralized exchanges and doing its best to remain cutting edge.
Hwang Hyeon-cheol, a former Citi and Allianz executive who worked on Wall Street for over two decades, has said that the valuation of the crypto market is still smaller than Samsung, the largest conglomerate in South Korea.
The former Wall Street executive turned crypto investor and the CEO of Atomrigs, a digital asset custodian in the cryptocurrency market of South Korea, told a local publication in an interview that institutional investors are key in increasing the inflow of capital into the new asset class.
In the past, prior to 2018, Hwang emphasized that it was virtually impossible for institutions to invest in the cryptocurrency market due to the lack of custodial solutions.
Due to the exponential progress in the institutionalization of cryptocurrencies in the last six months, Hwang said that he expects the trend to drastically change in 2019.
QuadrigaCX $150 Million Fiasco, Importance of Institutions in Crypto
Similar to banks, Hwang explained that institutional investors must be guaranteed the safety of their funds.
Referring to the recent QuadrigaCX scandal in which its CEO Gerald Cotten allegedly passed away holding the private keys to $150 million in crypto, the Atomrigs CEO stated that institutional investors have been waiting for trusted custodians to emerge.
But, he said trusted and reputable custodial solutions aren’t all that’s required. For a growing number of institutional investors to enter the market, the liquidity and the size of the cryptocurrency market have to stabilize.
Even until now, it is hard for a major institutional investor with hundreds of billions of dollars in assets under management to consider cryptocurrencies as a viable investment due to the small valuation of the asset class.
“For institutional investors to enter the cryptocurrency market, the market’s liquidity and size have to grow to a certain point. Currently, the valuation of all cryptocurrencies combined is smaller than the market cap of Samsung. It is difficult for a major institution to consider investing in such a small market.”
He noted that the most important element for institutional investors is liquidity and market size, which will take time to improve.
While institutional investors are not concerned whether the price of Bitcoin is $3,000 or $30,000, the executive stated that at the current size of $126 billion, it is far-fetching to expect some of the largest institutions to enter the market at this phase.
Counter Argument on OTC Market Growth
In regard to over-the-counter (OTC) trading, Hwang explained that the daily volume of the OTC market is bigger than the volume of the cryptocurrency exchange market.
However, to the eyes of investors, such a trend is not necessarily positive because it could suggest that a small group of whales have relatively large control over the market.
“The fact that OTC volume is bigger than the volume of cryptocurrency exchanges and is increasing shows that the market share of cryptocurrencies is somewhat clustered to a small group of investors. It also suggests that most trading occurs around whales. Most whales engage in speculative investment or have an advantage on data over and as such, it is not ideal,” Hwang added.
Just read an estimate from the TABB Group (in a $5000 report) that OTC crypto markets exceed exchange volumes by 2-3x. That would mean 1-1.5MM BTC is traded OTC *daily*. Strange it’s not visible on the blockchain, which shows a meager 100k/day.
— Eric Wall (@ercwl) July 29, 2018
For the long-term growth of the cryptocurrency sector, whether it is in the institutional or retail market, the executive stated that regulation is key.
Major markets such as Japan, South Korea, and the U.S. have taken a proactive approach in regulation and refrain strict policies from restricting technological innovation.
To ensure that regulatory frameworks do not prevent blockchain development from moving forward, flexibility is crucial.
Blockchain technology and cryptocurrencies as an asset class are new to both investors and regulators. Hence, it is important to acknowledge the necessity of a learning curve and adapt as the market grows.
Privacy-oriented cryptocurrency startup Beam has secured an undisclosed amount of funding from “Japan’s equivalent to LinkedIn” Recruit Co., Ltd.
Recruit announced the news Monday, stating that the investment is through its $25 million-sized RSP Blockchain Tech Fund, which was set up last November. Beam also confirmed the investment in a Tweet Monday, stating that Recruit invested prior to its Mainnet launch last month, adding:
“This investment helps Beam fulfill its mission in Japan too when it comes to deploying a compliant, scalable, and confidential cryptocurrency.”
Giving the reason why it invested in Beam, Recruit said: “Beam token provides a blockchain with a function that prevents the divulgation of transaction data to third parties and protects the user’s transaction information.”
Beam went live back in January and became one of the first cryptocurrencies based on Mimblewimble, a protocol that makes transactions confidential and reduces the size of the overall blockchain. Since launch though, the project has faced some technical difficulties. Most recently, its network “stopped at block 25709” for a brief period before operations were restored.
Recruit, in its Monday’s statement, further said that through its RSP Blockchain Tech Fund, which is a venture between Recruit and its subsidiary Recruit Strategic Partners, Inc. (RSP), it aims to invest in “promising” blockchain startups.
Besides Beam, Recruit has also invested in four other startups in the blockchain space, according to its website. These include crypto debit cards provider Shift Payments, blockchain identity startup ShoCard, blockchain payments provider Veem and Japanese bitcoin exchange BitFlyer.
US dollars image via Shutterstock