ChronoBank, the blockchain initiative looking to trigger an alternative labor economy powered by time-based tokens has announced a partnership with Swiss cryptocurrency trading platform and wallet provider Lykke.
With blockchain-labor hour tokens and LaborX, a decentralized marketplace where participants will be able to sell labor time, ChronoBank is charting a path toward disrupting the short-term recruitment sector.
Speaking to CCN in a previous interview, ChronoBank CEO Sergei Sergienko stated:
We designed a crypto-token that is based on something more valuable than all of the world’s gold: people’s time on this planet. It’s a resource that is scarce enough to be valuable, yet abundant enough to be accessible to anyone, especially in the countries and places where nothing else of value exists.
The platform and marketplace, built atop the public Ethereum blockchain, will connect employers with those who seek work, fundamentally negating the need for a labor-hire sector as an intermediary. Employees will receive Labor Hour (LH) tokens that can be bought and sold by companies.
The trading of these LH tokens, while issued across multiple blockchains, will occur on ChronoBank’s LaborX exchange. The LH Tokens will now be listed on Swiss Fintech and blockchain startup Lykke’s exchange, allowing users to begin trading ChronoBank’s LH tokens for other currencies seamlessly.
The exchange charges no fees for trading. “One of the reasons we’re thrilled to be partnering with Lykke is that commitment to making cryptocurrency accessible to new users,” said ChronoBank’s chief executive. “Since we are looking at mass-market applications for crypto tokens, it promises to be a very worthwhile relationship.”
In a previous interview with CCN, ChronoBank marketing chief Alexander Rugaev stated:
Our global vision is to see that every person on this planet has a chance to at least paid fairly for their work without having access to a banking facility. Especially the two billion unbanked people globally.
The results of its crowdfunding effort, so far, has seen ChronoBank raise over 3,000 BTC (approx. $2.73 million in current prices) for marketing and development efforts.
Image from Shutterstock.
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