The time-based cryptocurrency project has partnered with a well-known blockchain trading company to provide fast and user-friendly exchange services.
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 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 crypto traders who want to hedge their earnings in a stable, inflation-proof token.
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, 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. Lykke is a new but rapidly-growing platform that allows users to trade fiat currencies, cryptocurrencies and cryptographic tokens using either an iOS or Android device. There is a strong emphasis on user experience and a low barrier to entry. ‘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.’
The exchange charges no fees and is revolutionising the world of finance through the use of so-called ‘colored coins’ — crypto tokens which can represent real-world assets from bonds to gold, 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.