A crypto startup is planning to enable workers to receive payment for work they have already completed in advance, helping them to achieve financial stability.
A crypto-focused payment platform says it is aiming to reduce financial pressures on everyday consumers by enabling them to receive their salaries early — whenever they demand it.
JobCoin says a startling number of hard-working individuals are falling victim to loan sharks and high-interest loans, or racking up unsustainable credit card bills as they try to grapple with sudden expenses. The startup’s concept means workers can request to be compensated for the hours they have already completed, even if their normal payday is a few days or weeks in the future.
Explaining its objectives in its white paper, the company added: “The predominant mission of the JobCoin is to reduce poverty and inequality in the world, in particular, but not limited to, through the enhancement of working conditions for lower to middle-income workers, industrious immigrants and overseas workers.”
The team behind JobCoin believe their technology has the potential to elevate more of the world’s poor to the middle classes, deliver stability to those who are struggling to make ends meet, and help foreign workers avoid exorbitant fees when they are sending remittances back to their home countries.
According to the company, employers also stand to benefit from the proposition because of how this perk would boost retention rates — enabling businesses with tight margins to reduce their training costs and keep their employees happy. To protect firms that are keeping an eye on their margins, JobCoin says its customized technology can be connected to company attendance records to ensure that its salary advance feature is not abused.
Helping the unbanked
JobCoin says its technology is also designed to help the many millions of adults around the world who do not have a bank account — enabling them to make payments for everyday goods and services using its cryptocurrency.
Upon receiving their salary in advance, the startup says users will be able to complete purchases in shops, restaurants and hotels via jobcoin, with the platform receiving a settlement fee from the merchant once the transaction is completed. The startup believes that this approach also has the potential to benefit the businesses that accept jobcoin as a payment method, because they will also be able to advertise their wares directly to registered employees in the form of promotions.
JobCoin’s team have chosen Ethereum as the blockchain to launch its product, and its cryptocurrency is going to be ERC-20-compliant. Freely transferable on wallets and exchanges — enabling consumers to convert their crypto into fiat, if they wish — the company says the blockchain’s active ecosystem, advanced functions and sophisticated smart contract capabilities are a “great match” for its ambitions. JobCoin also plans to move to its own blockchain once it is built.
A promising start
JobCoin claims that an initial exchange offering held through Coinbene saw the platform enter the top 10 in volume rankings — and, despite a tough market, it sold out within a day. The startup is going to be listed on the exchange as of May 17.
The company’s next step will see an IEO take place on Bitking on May 15 and 16. As a result, users will be able to purchase jobcoin on the platform using six cryptocurrencies — including bitcoin, ether, bitcoin cash and XRP.
JobCoin says it has been “rigorously working to expand its business on a global scale” by encouraging countries around the world to embrace its advance payments concept, and partnering with Visa so its technology can be adopted en masse. Work is also under way to launch jobcoin exchanges in developing countries so the tokens earned through the platform can effortlessly be converted into local currencies.
In other recent developments, Liam Park, the CEO of Coinbene Japan, recently joined JobCoin as an adviser.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.