Lykke, a Swiss company building a global blockchain-powered marketplace for trading, announces the availability of the TIME token, by ChronoBank, with the partnership first being announced back in January.
ChronoBank seeks to create a platform like Upwork that matches hourly workers with companies that hire them. TIME is a system token that powers the ChronoBank ecosystem, supporting the infrastructure and business.
When it is released, the LH token will represent actual tradable hours on ChronoBank’s upcoming LaborX exchange.
The TIME token sale took place in January/February of 2017 and netted the company about $5.4 million in working capital. Eighty-eight percent of all TIME tokens are now in the hands of the public.
Richard Olsen, founder, and CEO of Lykke said:
“This is a fantastic project. 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.”
The TIME token is now available to Lykke users, and Lykke plans to support a market for LH (labor-hours) tokens as well. The Lykke wallet is an open-source app for iOS and Android that lets customers sign up using Lykke’s KYC and support, transfer money in, purchase and trade assets, and transfer money away. The open-source exchange provides fee-free trading and very low spreads.