ChronoBank’s TIME launches on four exchanges
Livecoin, Liqui, Mercatox and EtherDelta are all now trading TIME, with combined daily volumes of over $200,000.
TIME, the Ethereum token representing a stake in the ChronoBank initiative to disrupt the inefficient labour-hire market, has already been added to several exchanges — with more on the way.
The ‘Uber of Time’
ChronoBank is a new blockchain-based project that takes aim at the short-term recruitment sector. By placing buyers and sellers of labour in direct contact, and paying in a native Labour Hour token (LH), the platform offers the possibility of substantial savings for employers, since it cuts out the expensive middlemen of the recruitment industry — in the same way that Uber disintermediates the taxi business. As the present time, employers can end up paying up to 40% of annual wages to secure a suitable candidate.
The idea appealed strongly to the cryptocurrency community, who backed it with over $5.4 million of bitcoin and other currencies, including a $1.1 million VC investment. After ChronoBank’s ICO ended in February, a total of 710,113 TIME tokens were created on the Ethereum blockchain and distributed to supporters.
Trading goes live
As a cryptographic token, TIME can be held securely in the Ethereum wallet, transferred freely to other users, or traded on exchanges. In due course, when ChronoBank’s LaborX exchange launches, TIME tokens will be eligible for the rewards that will be collected from activity on the platform. Meanwhile, there are several options for trading TIME tokens:
Livecoin is a well-established exchange that opened in 2015, at the bottom of the bitcoin bear market. Registered in London, the exchange has undertaken a series of measures to make it an attractive destination for traders, including lowering fees and offering VISA cards for rapid and easy withdrawal of funds. Currently, the majority of TIME’s volume occurs on Livecoin, as recorded by CoinMarketCap.
Liqui is a fairly new and relatively small exchange, but one that has a thriving community and a dedicated core of traders. Liqui is often fast to add new coins, proving agile where the larger exchanges take their time. At the present time, Liqui leads on price.
Mercatox is a professional trading platform for digital currencies. Although they focus on bitcoin, they have taken the decision to add TIME as well, judging it to have potential and appeal to their traders.
EtherDelta is a decentralised exchange built on Ethereum. More tech-savvy users will be able to trade peer-to-peer, without any risk of hacking or the failures that come with centralised exchanges.
‘ChronoBank are actively exploring listings with larger exchanges, and working closely with them to ensure that both compliance and technical requirements can be met,’ comments ChronoBank CEO Sergei Sergienko. ‘The nature of this is that it can be a relatively drawn-out process, because it needs doing right, though rest assured that we are working as fast as we can from our end.’
The ChronoBank team intends to announce new exchanges in the coming days and weeks. For more information about ChronoBank, visit www.ChronoBank.io.