Recruit Invests in Breez, A Provider of Lightning Network Wallet which Improves Cryptocurrency Payment Processing Ability

Jun. 10, 2019
Recruit Co., Ltd.
Business / Management

Recruit Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President : Yoshihiro Kitamura; referenced below as "Recruit"), an intermediate holding company of Recruit Holdings Co., Ltd, has invested in Breez Development Ltd. (Headquarters: Israel; CEO: Roy Sheinfeld; referenced below as "Breez"), the provider of a Lightning Network wallet that improves cryptocurrency payment processing ability, through its investment subsidiary RSP Fund No. 6. LLC.

1.Background and Purpose

While cryptocurrency is increasingly used in a wide range of applications such as international remittances, issues remain, such as the huge power consumption required to maintain the actual cryptocurrency and its limited payment processing ability.

2.About Investment in Breez Development Ltd.

Breez Development Ltd.

The cryptocurrency wallet developed by Breez utilizes the Lightning Network, a mechanism that extends the functionality of a blockchain, and enables high-speed processing of everyday micropayments. In general, a transaction that takes 10 minutes or more to approve on a blockchain can be safely processed in less than a second. Also, since it minimizes mining, power costs and payment fees can be reduced.

The company has developed and provides its own system as required for the Lightning Network, and users simply install the app on their smart device. They are also developing and providing point-of-sale (POS) systems to promote the introduction of cryptocurrency payments.

Through this investment, Recruit will support improvements to the quality and use of this service.

(1) Company Name Breez Development Ltd.
(2) Representative Roy Sheinfeld
(3) Location 89 Mishmar Hayarden St., Tel-Aviv, Israel
(4) Established May 2018
(5) Business Overview Develop & provide a Lightning Network wallet for cryptocurrency
(6) Website

3.About RSP Fund No. 6. LLC

The fund aims to discover new technologies and new business models and to acquire business opportunities, with a view to creating new areas of business for the Recruit Group.

(1) Company Name RSP Fund No. 6. LLC
(2) Representative Hiroyuki Murai
(3) Address 8-4-17 Ginza, Chuo-ku, Tokyo
(4) Established November 12, 2014
(5) Main Business Investment development/venture capital business