“This is a fantastic project,” says Richard Olsen, founder and CEO of Lykke and former CEO of OANDA. “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.”
ChronoBank seeks to be the “Uber of independent workers,” creating a platform like oDesk 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. The TIME token is currently trading on the Lykke exchange for around $9, slightly above its ICO price. Eighty eight percent of all TIME tokens are now in the hands of the public.
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.