ChronoBank, a blockchain-based initiative aimed at disrupting the short-term recruitment sector, has announced a partnership with mobile wallet and trading enterprise Lykke – allowing users to trade ChronoBank’s tokens for other currencies more easily. The time-based cryptocurrency project hopes that partnered with the blockchain trading company will provide fast and user-friendly exchange services.
Currently holding its crowdfund, ChronoBank 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 which has a glut of costs associated with it, particularly short term recruitment. Employees will receive Labour Hour tokens, which can be bought and sold by companies to secure professional services, and by crypto traders who want to hedge their earnings in a stable, inflation-proof token.
Trading of Labour Hour 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, a Swiss fintech company dedicated to building a global marketplace for trading all classes of financial assets on the blockchain, will also be a strategic technological partner in the creation of LaborX.
Lykke, a digital exchange for all classes of asset, was started by Richard Olsen – previously founder and CEO of forex platform OANDA. The new platform allows users to trade fiat currencies, cryptocurrencies and cryptographic tokens using either an iOS or Android device, with an emphasis on user experience and a low barrier to entry.
Sergei Sergienko, ChronoBank CEO, commented: ‘One of the reasons we’re thrilled to be partnering with Lykke is that commitment to making cryptocurrency accessible to new users. Since we are looking at mass-market applications for crypto tokens, it promises to be a very worthwhile partnership.’
The exchange charges no fees and uses ‘colored coins’ – crypto tokens which can represent real-world assets, but which settle on the bitcoin blockchain in minutes. Lykke, which is a member of the Hyperledger project, has already gone public on its own exchange and is currently building enterprise-scale solutions for large financial institutions.