ChronoBank, the time-based cryptocurrency initiative, which aims to disrupt the inefficient short-term labour-hire market, is to partner with an international recruitment company. International People Solutions – IPS – is one of several major recruiters and labour-hire organisations that have shown an interest in the project and will partner with ChronoBank to issue Labour Hour (LH) tokens on its platform .
ChronoBank’s core proposition is that short-term recruitment is lacking in viable, realistic cost-effective solutions. It believes that the key to remedying this is increased interconnectedness between professionals and employers which its platform will provide. With its LaborX exchange, ChronoBank will connect individuals with businesses and ensure quality control and adequate remuneration via a decentralised reputation system. The native unit of payment on the ChronoBank system is the LH, a crypto token backed by professional work hours.