Beam

Company Overview

Snapshot

Founded in March 2018 by Alex Romanov, Beam operates with 11–50 employees. The company has raised a total of $5M across 2 funding rounds from 3 investors. In May 2021, Beam secured funding to support its upcoming blockchain upgrade, focusing on building a DeFi ecosystem on a private and scalable blockchain.

Business overview

Beam develops a confidential cryptocurrency and decentralized finance platform built on the Mimblewimble protocol. Its core technology provides full transaction confidentiality and strong auditability for financial compliance, addressing the need for privacy in blockchain transactions. The company operates within the Fintech & Insurtech sector, specifically focusing on money transfer and management, and serves markets related to virtual currencies and financial products.

Strategic signal

In May 2021, Beam raised $2M to fund an upcoming blockchain upgrade aimed at building a DeFi ecosystem on a private and scalable blockchain. This investment signals a strategic move to enhance the platform's capabilities and expand its utility within the decentralized finance space, demonstrating a commitment to innovation and growth in the privacy-focused cryptocurrency market.

Company Intelligence Q&A

What was the purpose of Beam's funding round in May 2021?

In May 2021, Beam raised $2M to support an upcoming blockchain upgrade. This funding was specifically allocated to building a DeFi ecosystem on a private and scalable blockchain, with investors including Collider Ventures and Altonomy.

When did Beam implement its second hard fork, Beam Eager Electron 5.0?

On June 28, 2020, Beam executed its second hard fork, Beam Eager Electron 5.0. This upgrade aimed to provide a privacy layer for DeFi applications, shift the network's PoW algorithm to BeamHash III, and support the creation of privacy-focused DeFi apps.

What was the significance of the investment from Recruit Strategic Partners?

In February 2019, Recruit Strategic Partners invested in Beam as part of a $5M funding round. This investment, made through a blockchain investment fund, highlighted the growing interest from corporate venture capital in privacy-focused cryptocurrency solutions.

What is Beam's core technology?

Beam's core technology is an implementation built from scratch using the Mimblewimble protocol. This enables a scalable, confidential cryptocurrency with opt-in auditability, providing full transaction confidentiality and strong auditability for financial compliance.

What was the CEO's vision for Beam in March 2019?

In March 2019, Beam's CEO, Alexander Zaidelson, expressed a vision for the company to be a top-five cryptocurrency. He emphasized Beam's technological superiority and scalability compared to other privacy-based coins, and outlined plans for expansion in Asia and the development of more confidential assets.