PRESS RELEASE. Australian asset manager Mark Carnegie and a European Family Office have recently taken stakes in the company, totalling around $30 million, as Chrono’s ecosystem soared in activity and value over the course of 2021.
The growth of the crypto market and blockchain sector has been nothing short of sensational over the course of 2020 and 2021, but Sydney blockchain company Chrono.Tech has enjoyed a particularly impressive run. Chrono’s suite of blockchain-based solutions for the HR and recruitment industry have attracted large numbers of new users as COVID-19 forced a change in working patterns and employment opportunities. Combined with some judicious decisions to build out its offerings and broaden its appeal, Chrono has capitalised on the new normal brought about by life in a pandemic and post-pandemic world, with the result that its ecosystem has exploded in user numbers and value.
With that increase in popularity has come significant external investment in the company from institutional players.
European Family Office
The first investment was made by a European Family Office. Family offices, which manage the assets of wealthy families with a view to growing them and passing them on down the generations, are privately held companies. As such, they have greater flexibility in their investment strategy than institutions such as pension and insurance funds, which manage customers’ funds and are bound by tighter regulation. Family offices typically manage at least $100 million and usually significantly more, and their status has enabled them to be some of the first large investors in cryptocurrencies and blockchain companies.
A household name in Australia, Mark Carnegie is a corporate advisor, entrepreneur and asset manager with three decades of experience. Last year, his fund MH Carnegie & Co announced that it would actively start investing in digital assets, having monitored the space for years. To help in the difficult and specialist business of picking strong candidates from the vast number of cryptos and blockchain firms available, MH Carnegie & Co enlisted Sergei Sergienko, founder of Chrono Tech and co-founder of Crypto Gaming United (CGU), whose expertise would prove invaluable. In the course of their work together, Mark Carnegie took a personal interest in Chrono Tech’s network of blockchain products, and ultimately made a substantial investment of his own money in the company.
‘Crypto assets can be highly complex and obscure, and operate on a very different paradigm to the centralised financial sector – not least in terms of secure storage,’ comments Mark. ‘Sergei has a strong network in the crypto community and extensive experience in identifying crypto initiatives that provide an excellent balance of risk and return, making him a natural addition to the team.’
How ChronoTech built a thriving blockchain ecosystem
The theme of employment runs through Chrono’s suite of blockchain products and services, with the changing work patterns of the pandemic driving adoption. The first of these products is LaborX, a freelancer platform that allows parties to connect and organise work trustlessly, using smart contract-based agreements that pay out cryptocurrency upon job completion. LaborX is also the means by which users access CGU and the opportunities it brings to maximise their play-to-earn income. The partnership has helped push LaborX’s user base to over 42,000 freelancers, as well as nearly 5,000 customers.
LaborX and CGU users can trade their earnings for other popular currencies on TimeX, Chrono’s crypto exchange and one of the Top 100 trading platforms by volume. It’s also a key trading venue for TIME, which is the native token of the Chrono ecosystem, most notably used as a payment and reward currency for Premium account status on LaborX. In addition to BTC, ETH, and all of the tokens represented within CGU and the wider Chrono universe, TimeX also provides access to AUDT, Chrono’s Australian dollar-backed stablecoin. Like other stablecoins, this is backed 1:1 with fiat funds, but unlike most stablecoins, is regulated – in this instance by AUSTRAC, the Australian financial intelligence agency.
Lastly, the TimeWarp staking programme has proven a strong driver for demand over the course of 2021. TimeWarp enables TIME holders to deposit their tokens to a smart contract and earn a share of revenues from Chrono’s services. Over 50% of all TIME are staked in the TimeWarp contract.
Between the growth of the overall crypto market, the effect of TimeWarp locking token supply off the market, and the demand of revenues being funneled back into the ecosystem, the price of TIME has risen meteorically, repeatedly putting in new all-time highs.
The next phase for ChronoTech
The injection of funds for ChronoTech comes at a time of unprecedented interest in blockchain technology and cryptocurrencies, and enables the company to position for the next wave of adoption.
‘As the world continues to change, Chrono has an opportunity to build the technology that will become the infrastructure for the next generation of web applications,’ says founder Sergei Sergienko. ‘These investments, totalling $30 million, enable us to develop Chrono.Tech’s ecosystem, refining and expanding our products and bringing them to new global audiences. As importantly, they’re a terrific vote of confidence, both in the wider blockchain sector and in our approach to creating Web3 services.’
For LaborX, that will mean launching new features to complement the existing digital contracts, escrow, reputation, and dispute resolution modules. This will help bring the platform into line with the best centralised freelancer portals, while offering greater security, lower fees, and better accessibility for users.
Meanwhile, the team will be adding new coin pairs to TimeX, and building features to cater to the growing community of crypto traders and investors. PaymentX will be integrated with external services, helping to make settling invoices by crypto fast and easy for more people. And, needless to say, all of this will be possible through an expansion of the core team of developers and marketing specialists.
‘We’re still at an early stage in the blockchain revolution,’ continues Sergei, ‘and the long-term impacts on the economy and work patterns of the coronavirus pandemic are only just starting to become clear. We have the opportunity to play a meaningful role in writing the next chapter of history, and a great team to make the vision of permissionless, open, global employment a reality.’
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