Blockchain based hiring platform Zinc raises £2.2 million
Zinc, the blockchain based hiring platform, is one of the first companies in the UK to secure funding through a crowdsale, raising £2.2 million in one month. Zinc will use the funds to continue developing its technology, which it believes will become the UK industry standard for transparent and authenticated proof of work history and reputation within the technology sector.
Zinc’s crowdsale framework is the first of its kind, bringing trust and legitimacy back to contributors in cryptocurrency. Unlike many crowdsales, Zinc is offering contributors security by breaking the project into three milestones to release funds: 30% upon the successful sale of tokens, 40% upon main network launch in 2018 and, 30% upon reaching 10,000 active users of the network.
Once initial milestones are reached, Zinc will run two additional crowdsale funding rounds which we will be executed over the following fours years. Crucially, Zinc has also committed to issuing refunds if milestones are not met.
“To crowdsale or not to crowdsale became one of the biggest questions for Zinc. We decided there was an opportunity to bring legitimacy to token sales with our milestone based model, as it de-risks the sale for contributors and allows us to accelerate our route to market. We were also keen to avoid gimmicks such as mass giveaways and large discounts that favour larger contributors, frequently offered in other funding rounds, which serve to de-value the token. Having reached our first milestone, I am confident that our contributors will witness Zinc turning the world of hiring on its head. Our platform has the power to cut out many of the inefficiencies associated with hiring and enable the interview process to be completely open-sourced, saving recruiters and workers both time and money. The funds we have raised have within such a short period of time have made it possible for us to rapidly scale our operations and grow our team. We are passionate about revolutionising the somewhat painful world of hiring and are confident that Zinc’s platform will quickly become a ‘must have’ to recruiters and workers alike.”
In addition to a milestone based model, Zinc had a low cap for its crowdsale round to ensure contributors were valued. With contributions from over 80 countries across the world, Zinc was committed to advocating true democracy in this new funding model by accepting the majority from low capital investors; over 45 per cent of the funds came from individuals contributing less than 10 Ethereum.
With a straightforward integration into any hiring process, Zinc simplifies, accelerates and reduces the cost of the hiring journey for both workers and recruiters within the technology sector.
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