Japanese HR Firm Recruit Holdings Acquires Stake in Blockstack

Blockstack PBC, a blockchain startup, has been funded by Recruit Holdings, a human resource firm headquartered in Japan.

Under the investment agreement, Recruit, presently valued at $50 billion, is acquiring Blockstack’s STACK tokens.

Blockstack PBC CEO and co-founder Muneeb Ali has stated that the US based firms usually collaborate with Japanese businesses.

Furthermore, Ali explained the benefits of carrying out crypto business in Japan.

He said:

“Japan is a very interesting market for crypto because it has clarity around regulations. It is legal to own and trade crypto assets, but only those whitelisted by the regulators.”

The strategic investment made by Recruit gives way for Blockstack to enter the Japanese market. Furthermore, the report states that Blockstack completed its first funding round with Asian investors in recent times. In Ali’s statement, he expressed his opinion of Asia as a key player in crypto industry and Blockstack’s interest to widen its operations in the continent.

“Asia is an important market for Blockstack, as Asian countries have arguably the most significant penetration for both crypto users and developers. […] The Asian strategic round led by Hashkey and SNZ marks a new chapter, and we’re excited to expand our developer outreach and grow the Blockstack community and usage in Asia.”

Blockstack, earlier in August, announced collaboration with Lambda School, which offers courses centered on developing practical skills. Blockstack offers educational services such as teaching to code apps. Furthermore, Blockstack will provide an option to earn through its App Mining Program. At the time Ali stated that “this is the sort of program I wish was available to me when I was a student.”