Last week Japan-based Recruit Co. announced an investment in blockchain startup Coti. Recruit, the holding company of employment sites Glassdoor and Indeed, aims to support the development of Coti’s blockchain services.
The contribution was made via Recruit’s RSP Blockchain Tech Fund, created last November solely for investing in tokens. Last week’s investment in Coti has a limit of $250,000, a hundredth of the total blockchain fund.
The holding company has a turnover of over $19 billion, with its venture capital arm Recruit Strategic Partners (RSP) undertaking investments in trade finance unicorn TradeShift, blockchain payments company Veem, identity company ShoCard, and cryptocurrency exchange bitFlyer.
Coti, or Currency Of The Internet, is only the second investment made with the RSP blockchain fund. The firm is an Israel based blockchain startup, with a focus on providing enterprises with decentralized payment platforms. Its key selling point is the use of DAG (directed acyclic graph) to structure its solution as a mesh or ‘tangle’, as opposed to blocks in a blockchain.
The tangle eliminates the need for transaction fees while providing much faster processing speeds. DAG also underlies IOTA’s blockchain and Hedera’s Hashgraph ledger. IOTA is a leading Internet of Things (IoT) firm in the blockchain space, and Hedera is a fellow enterprise-focused platform.
Coti’s blockchain, known as the Trustchain, is the infrastructure behind its platform of services, such as currency exchange COTI-X, and applications, like Coti Pay. Coti Pay provides corporate customers with white label wallets so that they can be fully customized and rebranded.
“RSP Blockchain Tech Fund Pte. Ltd. recognizes that in the social environment where blockchain technology expectations and impacts are increasing, it is becoming increasingly important to explore business opportunities in the same area,” the firm released in its statement (via Google Translate).
“Through this investment, Recruit will support improving the quality and use of services provided by Coti.”