Lykke Adds Support for ChronoBank TIME Token Tradingby Fintechnews Switzerland April 5, 2017
Lykke, the Swiss startup developing a global blockchain-powered marketplace, has added support for ChronoBank’s TIME token trading. Lykke plans to support a market for ChronoBank’s Labour-Hour (LH) tokens as well.
ChronoBank is a blockchain project aimed at transforming the way people find work and are rewarded for their labor. It seeks to disrupt the HR, recruitment industry through the use of time-based currencies utilizing the latest developments in blockchain technology.
“This is a fantastic project,” said Richard Olsen, founder and CEO of Lykke.
“When we conceived of Lykke, I had in mind that, among many different assets available, people would buy and sell the hours they work. ChronoBank is going to make that happen. I’m very pleased to support this project, which takes us more into the decentralized world of the 21st century.”
ChronoBank is creating a platform similar to oDesk that matches hourly workers with companies that hire them.
Its TIME token powers the ChronoBank ecosystem, supporting the infrastructure and business, while the LH tokens are linked to average hourly wages in the host country and are backed by real labor force from big recruitment and labor-hire companies. LH tokens will represent actual tradable hours on ChronoBank’s upcoming LaborX exchange and will be accessible 24/7 via the LH debit card.
ChronoBank ran an initial coin offering (ICO) campaign earlier this year, which allowed the company to raise about US$5.4 million in capital.
The TIME token is currently trading on the Lykke exchange for around US$9, slightly above its ICO price. 88% of all TIME tokens are now in the hands of the public. Both the TIME and the LH tokens are built on Ethereum.
Swiss fintech company Lykke aims to build the future of markets by employing blockchain technology, achieving reliability and accessibility of financial services and open sourcing knowledge and competence.
The company seeks to create a single global marketplace where any sort of financial instrument can be traded and settled peer-to-peer with second-by-second interest payments.
Its marketplace leverages blockchain to offer immediate settlement and direct ownership. Lykke doesn’t charge any commission, instead the company makes money by providing liquidity, offering issuance services and supporting institutional clients.
The Lykke wallet is an open source app for iOS and Android devices that lets customers sign up using Lykke’s KYC and support, transfer money in, purchase and trade assets on the Lykke exchange and transfer money away.
Shares of Lykke are issued as colored coins redeemable on the Lykke Exchange. The company raised over CHF 1.1 million in its ICO last year.
This week, Lykke announced the Lykke Accelerator, a service that provides custom integration of Lykke’s apps and trading platform to existing products, turn-key wallets and digital products to exchange.
“We’ve spent the last year building a world-class platform, and now we want other companies to get the benefits of our work,” Olsen said. “Fintech startups and existing financial institutions can integrate the Lykke suite of products to offer their customers a seamless experience, where trade settle in minutes and safety is increased.”
Examples of turn-key applications include digital banking, peer-to-peer lending wallet services, Internet-of-Things wallets, as well as cross-border loyalty and points systems for merchants.