ChronoBank, a blockchain-focused project, announced that it will partner with International People Solutions (IPS), an international recruitment company, in a move to issue Labour Hour (LH) tokens on ChronoBank platform.

The ChronoBank platform is based on smart contracts protocol Ethereum, while LH tokens use multiple blockchains, including Ethereum, Waves and NEM. LH is a crypto token backed by professional work hours and the native unit of payment on the ChronoBank system.

ChronoBank’s aim is to solve the problem where short-term recruitment is lacking in viable, realistic and cost-effective solutions. It believes that the key to solving this is by increased interconnectedness between professionals and employers which its platform will provide. ChronoBank’s LaborX exchange will connect individuals with businesses and ensure quality control and adequate remuneration via a decentralized reputation system, the release stated.

IPS is keen in securing employees for international businesses and has offices in Europe, Asia,  and Australia. It fosters long-term partnerships through expert staff. The firm values confidentiality and flexibility and employees will typically work outside of regular business hours to match the right candidate with the right client.

The ChronoBank platform has raised more than $4 million to date and with the partnership, it seeks to move rapidly on both the technical and business development fronts.