Venture Capitalists Back ICO – ChronoBank Crowdfunding Kickstarted with $1.1m VC Investment from AXL Strategic Partners

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Blockchain HR startup ChronoBank’s Initial Coin Offering (ICO) which opened only hours ago (December 15, 2016) has got off to a flying start on its first day with the announcement of $1.5 million AUD (approx $1.1m USD) in Venture Capital (VC)  funding from AXL Strategic Partners.

A highly unusual move – as many VC find the ICO movement to be the Wild West of investment due to lack of compliance, regulation, jurisdiction, structure etc. AXL Strategic Partners appear to have been analysing the ICO market for some time and felt Chronobank was worthy of their first foray into the rodeo. 

Chronobank aims to disrupt the short-term recruitment industry and is backed by Australian labour-hire company Edway, received confirmation of the large investment just a few hours after the ICO launched at 00:00 UTC. A memo circulated from AXL Strategic Partners, a Sydney-based venture capital fund, states:

We wish to confirm an investment of AUD$1,500,000.00 in Labor X Australia Pty Ltd for subscription in the ICO of Chronobank.I.O.

AXL Strategic Partners provide investment advice and capital for quality early stage venture capital and private equity investment opportunities on behalf of our domestic and international client base.

The partners of AXL Strategic have assessed many Blockchain technology based investment opportunities and consider your project to be of global significance.

We wish you great success in your launch.

The USD and BTC equivalents of the VC investment have been included in ChronoBank’s ICO tally.

“We are very pleased to be able to announce this significant investment on day 1,” commented Sergei Sergienko, CEO of both ChronoBank and Edway Labour Hire.

“As important as the significant financial support this brings is the confidence in our project it signals – for our clients and for further ICO investors over the next two months.”

ChronoBank’s crowdfund will end at 23:59 on 14 February 2017.

Multi-Blockchain approach

Although ChronoBank’s TIME token – which will be distributed to all ICO participants including AXL – will be hosted on Ethereum’s Blockchain, the project will use many different platforms to mint and trade Labour Hour (LH) tokens.

These time-based cryptocurrency units will be the lifeblood of the ChronoBank ecosystem, and will be used to purchase labour from freelancers around the world. Reflecting the importance of its several Blockchain partners and advisers, ChronoBank is collecting funds in several different cryptocurrencies – BTC, LTC, ETH, ETC, NEM and WAVES, as well as fiat currencies by arrangement, as in the case of AXL.

Even without the $1.1 million injection of funds, the project reached its 500 BTC viability threshold within hours of its launch, as depositors sought to take advantage of the 30 per cent day 1 bonus. By the end of the first 24 hours, an equivalent of almost $1 million had been collected in bitcoin and other cryptocurrencies.

“This puts us on a very secure footing going forwards,’ commented Sergienko. ‘We look forward to seeing further retail investment and potentially additional institutional interest in ChronoBank over the coming weeks.”

For more information or to participate in the ICO, visit


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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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