Blockchain Project ChronoBank Partners with Changelly, Raises $3 Million in Crowdfund

Journalist:
Rebecca Campbell
February 7, 2017

ChronoBank, an ambitious and wide-ranging blockchain project, aimed at disrupting the short-term recruitment sector by connecting employers with freelancers on a peer-to-peer basis, has revealed that it has made a ‘strategic partnership’ with instant exchange service Changelly into its, ChronoWallet while exceeding $3 million in its ICO crowdfund sale.

With ChronoBank’s crowdfund due to end on February 14, it has so far raised US$3,359,405, amounting to 3,365 bitcoins, which has been gathered from 1,891 participants.

Labour Hour Tokens

The main component to ChronoBank’s operation is its Labour Hour (LH) tokens, which will trade freely on the open market and will be the native unit of currency that firms will use to buy labour from professionals.

From the second quarter to the fourth quarter of 2017, LH tokens will be launched. In the second quarter, LHAU (Australia) will be followed by LHUS (United States) in the third quarter while the fourth quarter will see the launch of both LHEU (European Union) and LHUK (United Kingdom).

ChronoBank states that as the LH tokens are linked to labour costs in each token’s originating country they are expected to provide an excellent store of value such as an ‘inflation-proof asset’ that will be attractive to long-term investors and traders.

By targeting professionals within the e-commerce, cleaning, warehousing, industrial, building, and freelance sectors, ChronoBank is aiming create a difference to the way people find work and how they are rewarded for their labour through a decentralized framework by removing the involvement of traditional financial institutions.

Instant Liquidity

Sergei Sergienko, founder and CEO of ChronoBank, said that the ability to trade the LH tokens quickly and easily against other national and digital currencies is important to the operation of ChronoBank.

He said:

That is why we are working to ensure they are listed on a wide range of exchanges. Moreover, we are implementing Changelly right now within the core ChronoBank wallet. That will make it incredibly easy for users to exchange LH for bitcoin and other major cryptocurrencies with practically zero delay.

Changelly, which launched in 2013, is an instant exchange app and is like ShapeShift. Rather than being a traditional exchange that requires users to register before trading against an order book with variable depth and the problems of slippage that can occur, it totals rates from the largest trading platforms and offers a single rate.

When asked why ChronoBank had decided to team up with Changelly, Sergienko said to CCN that the two will work well together.

He further stated:

“We believe that Changelly and us have a lot of synergy in working together. The guys behind Changelly are forward thinking, progressive and on point. Just who we like to have as partners.”

What’s Next?

According to the ChronoBank website, the second phase of the project will focus on LaborX, a decentralized marketplace where people in real-world professions will be able to sell labour hours to anyone.

This is scheduled for the first quarter of 2018 and requires around 10,000 BTC to be raised.

Changing the Recruitment Sector

Last month, ChronoBank also announced a partnership with Swiss-based cryptocurrency trading platform and wallet provider Lykke.

He said of the partnership:

“It’s going great, we are working together on integrating our TIME token into the trading platform. Our technical guys have a great deal to talk about.”

Intent on changing the face of the short-term recruitment sector, Sergienko stated in a previous CCN interview:

We designed a crypto-token that is based on something more valuable than all 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.

Featured image from Shutterstock.

Rebecca Campbell