Time-based cryptocurrency project ChronoBank has announced entrance into a major new market with its Ethereum-hosted TIME token officially added to Chinese cryptocurrency exchange DABTC effective today.
ChronoBank, which aims to disrupt the short-term recruitment sector by a process of disintermediation, in the same way that Uber impacted the taxi industry, is an excellent fit for China so says the company. The country is well known for its centralized government and business processes. At the same time as offering significant efficiencies in the work-finding process, China has a number of features that prepare the ground for companies like ChronoBank.
For a start, China is already well acquainted with digital payments. The majority of bitcoin mining and a significant proportion of trading still occur there, recent action by the People’s Bank of China notwithstanding. Use of digital payment apps is widespread, and it is no great step to shift towards remitting money in the form of stable blockchain tokens rather than ever-devaluing yuan.
There is a wealthy and emerging middle class, but also a growing degree of uncertainty as the double-digit growth in GDP of recent years slows — with fears of a ‘hard landing’ accompanying rumors of problems in the large but opaque shadow banking sector. Moreover, China’s demographics point to fundamental changes in social and economic circumstances over the coming years, as the large older generation that is a consequence of the country’s One Child policy retires.
Sergei Sergienko, CEO of ChronoBank said:
“If there’s one country in the world we would want ChronoBank to enter, it’s China. They lead the world in e-commerce, in the adoption of mobile and internet technologies, and there’s a growing recognition that the status quo has got to change. There are simply huge opportunities here.”
“We’re pleased to see that investors are grasping the potential of what we’re doing. However, we’re just getting started. We’ll soon be minting the first Labour Hour tokens, creating a stream of revenues for holders. Moreover, with greater awareness in China, we can seek to penetrate this key market that has 1.4 billion people and some very specific needs that a company like ChronoBank can directly address.”
ChronoBank, which raised $5.4 million at ICO, has held its value well in dollar equivalent terms but dipped in BTC as bitcoin rose in anticipation of ETF approval. With bitcoin’s subsequent fall in value and some sharp volatility, traders are seeking to move back into undervalued altcoins. Over the weekend, TIME tokens were bought up by eager traders on Bittrex and Liqui, pushing their value over 0.01 BTC, the price at the end of the ICO — valuing the project at $7 million.
View the daily TIME/BTC chart below: