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.
The recruitment consultancy specialises in securing employees for international businesses, and has offices in Europe, Asia and Australia. IPS focuses on quality over quantity of recruitment. Confidentiality and flexibility are valued, and employees will typically work outside of regular business hours to match the right candidate with the right client.
Despite still being in its crowdfunding phase, ChronoBank has raised over $4 million to date and is moving rapidly on both the technical and business development fronts. The ChronoBank platform is based on smart contracts protocol Ethereum, but LH tokens will use multiple blockchains, including Ethereum, Waves and NEM. Different forms of the ChronoWallet for these blockchains are already at an advanced stage.