ChronoBank, a blockchain-based initiative aimed at disrupting the short-term recruitment sector, has announced a partnership with Swiss mobile bitcoin wallet and blockchain trading enterprise Lykke – allowing its users to trade ChronoBank’s tokens for other currencies frictionlessly.
ChronoBank, which is currently holding its crowdfund, has so far raised over 3,000 BTC for marketing and development. It will connect employers with those seeking work, disintermediating the labour-hire sector in the same way that Uber disrupted the taxi business. Employees will receive Labour Hour (LH) tokens, which can be bought and sold by companies to secure professional services, and by cryptocurrency traders who want to hedge their earnings in a stable, inflation-proof token.
“One of the reasons we’re thrilled to be partnering with Lykke is that commitment to making cryptocurrency accessible to new users,” comments ChronoBank CEO, Sergei Sergienko. “Since we are looking at mass-market applications for crypto tokens, it promises to be a very worthwhile partnership.”
Trading of LH tokens, which will be issued on multiple blockchains, will take place on ChronoBank’s decentralised LaborX exchange. Both LH tokens and the TIME token, which will be distributed to ICO investors, will simultaneously be listed at the Lykke Exchange. Lykke will also be a strategic technological partner in the creation of LaborX.
Sergey Ivliev, Lykke co-founder and COO, added: “We feel that our vision is very much aligned. In the future there will be many digital assets and private currencies. You will be able to pay for your restaurant bill with your labor hours. There will be a market for that.”