ChronoBank has announced the launch of LaborX, a blockchain-based job platform. LaborX is described as giving job seekers and companies the tools they need to transact quickly, safely, and easily in cryptocurrency. LaborX is integrated into ChronoBank’s multi-currency wallet (ChronoMint) and crypto exchange (TimeX).
LaborX seeks to enable job seekers to avoid payment delays and potential wage disputes. The platform also is said to allow companies to benefit from a new talent pool of global workers, digital nomads, and crypto enthusiasts. Both parties may enjoy cost savings: LaborX’s technology charges a 1% platform fee for their service.
“Over the last 12 months, our team of industry veterans set out to create the world’s most complete, blockchain-powered HR ecosystem,” says Sergei Sergienko, ChronoBank CEO, “LaborX is a key part of that promise. It has all the advantages of blockchain technology, but can be used by anyone, regardless of technical expertise. We project 1,000 companies and 100,000 users will sign up for LaborX by year’s end, saving them approximately $45 million per month.”
LaborX is said to be in use today by companies like Edway Training and DGTek. ChronoBank says that more are in the pipeline.
ChronoBank completed an initial coin offering raising 5,400 BTC in February 2017. LaborX is projected to reach 1,000 companies and 100,000 users by year’s end.