Chronobank is an innovative system bringing together companies and individuals offering labor to users of the workforce through the sales of time-based tokens on the Ethereum blockchain. The initiative is hailing an alternative labor economy based on the principle that people sell their time and, in return, get paid for their efforts. Essentially, an organization of labor supply and demand like that bypasses intermediaries such as recruitment companies.
A recent announcement reveals that Chronobank is joining forces with the Swiss cryptocurrency trading platform Lykke to list the Labor Hour (LH) tokens on its exchange. That means Chronobank’s LaborX marketplace will operate in partnership with Lykke to make cryptocurrency more accessible. In an interview with CNN, Chronobank’s CEO Sergei Sergienko expressed hopes that, “since we are looking at mass-market applications for crypto tokens, it promises to be a very worthwhile relationship.” Lykke does not charge any trading fees.
Chronobank’s marketing and development budget depends on a crowdfunding campaign, which has so far raised more than 3,000 BTC (equaling approximately $2.73 million).