HireMatch, a startup targeting the recruitment process with a decentralized application (DApp) designed to eliminate the friction and costs of third party intermediaries like expensive recruiters, has launched their pre-sale of HIRE Tokens. The Initial Coin Offering (ICO) kicked off today with a fixed supply of 100 million HIRE tokens. The ICO pre-Sale has set a price of 1 ETH for 2100 HIRE. Once the ICO is public this will shift to 1 ETH for 900 HIRE. The ICO is expected to close on October 31st.
HireMatch points to data from the U.S. Department of Labour, that indicates a bad hire costs at least 30% of the employee’s first year of salary. In addition, a survey conducted by Glassdoor in 2015, found that 68% of recruiters were dissatisfied with the job boards they regularly use to attract talent.
“There has been tremendous and overwhelming interest in HireMatch’s open API over the past month,” said HireMatch Chief Architect Armando Pantoja. “Developers using our API can take a percentage of the bounty reward in proportion to the number of the candidates that their service finds, verifies or submits to job listings.”
Their blockchain based network will be fueled by HIRE Tokens designed specifically for the recruitment industry. Hirematch will allow HR Managers to directly connect with high quality candidates by deploying a bounty of 10,000 HIRE tokens.
“This creates a very powerful incentive engine, a distributed computing platform where the bigger the bounty the more developers come into the play and the quality increases, which in turn drives up the speed and efficiency of the platform. At an exponential rate, this could become a very robust economy.” added Pantoia.
Use of funds will go to hire more developers, marketing & PR and general operations. A portion of the funds are said to be held in reserve for possible acquisitions. Terms of the deal are available here and the white paper is available for download here.
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