Australian Blockchain company Chrono.Tech is set to give adopters much more to smile about with the latest adoption of an Australian Dollar backed stable coin, AUDT. While it may not come as a surprise as there have been many US dollar stable coins to appear in the industry, it is very well welcomed as it comes in the wake of the Australian government’s 5-year roadmap and greatly unstable state of cryptocurrencies.
But the story behind Chrono.Tech stems from its founding in 2016 in Sydney, Australia. Finding a gap in short term employment which can also be commonly known as freelance tasks and short-term contracts, targeting the HR and finance industries through multiple products.
Over the past three years they have created the following brands:
- LaborX, a recruitment marketplace that connects service providers directly with businesses and employers. Users are protected by smart contract-powered work agreements, digital escrow and dispute resolution processes.
- TimeX, a Plasma-based cryptocurrency exchange, enabling fast, trustless peer-to-peer trading
- PaymentX, a payroll service that enables easy crypto payments to workers anywhere in the world
With these three products it is easy to see that they have been well on their way to their goal of reducing costs and improving the quality and reliability of traditional human resource inefficiencies.
Chrono.Tech sees also the inefficiencies of utilizing Cryptocurrencies as a form of payment for freelancers and contractors as many of them have high volatility making it a risk for employees and employers alike. By creating and managing the Australian Dollar linked stable coin, AUDT, it takes away the volatility and brings more reliable payments to those utilizing their platforms.
Furthermore, it has been noted that the CEO of Chrono.Tech has stated,
‘We know that volatility is a significant pain point for cryptocurrency users, including both businesses and traders. We also know that moving money in and out of the cryptocurrency ecosystem can be time-consuming and expensive. AUDT is designed to provide an on-blockchain store of value, which can be held in a regular wallet and transferred easily, as well as withdrawn back into the banking system with a minimum of friction – all within a transparent and compliant framework.’
– Sergei Sergienko, Chrono.tech founder and CEO
It is noticed that it isn’t just a matter of creating a stable coin, but due to regulations and financial governing bodies, there is also the managing component to it all. This can not only give more trust to their users and prospects; it will ensure that the AUDT will be completely compliant.
The reserves will be regularly audited by Crowe Australasia, an AUSTRAC-registered third party, and hold over 110 offices throughout Australia and New Zealand making it one of the largest accounting firms with a wide range of services that support small to medium businesses from startup, expansion to continuation.
They will ensure compliance under the terms of Australia’s financial intelligence agency and all reports will be uploaded on the AUDT website, this, in turn, will give transparency to users and any prospects wishing to utilize the platform.
AUDT, is built on the Ethereum Network and takes the form of an ERC-20 standard token. Being a stable coin, it will be tied at a 1:1 ratio to the Australian Dollar. These tokens will be minted and redeemed through an automated process where users who register and deposit Australian dollars (AUD) through the platform, are credited with AUDT to their linked Ethereum address upon the receipt of funds. While it seems that it would typically require going through an exchange to purchase the funds and then send it to the platform, Chrono.Tech, given the array of products, allows for this to move seamlessly on-chain and at low cost.
When a user wishes to withdraw their funds, through the automated process, they will receive the equivalent value directly to their bank account.
Chrono.Tech has also advised that all Fiat funds will be held in an account with a reputable Australian Bank which will ensure that the funds are under safe protection.
By adding the stable coin AUDT to their suite of products it gives a great outlook for the company as they have seen an issue with the current use of cryptocurrencies as a form of payment within their ecosystem and have resolved to rectify the current issue.
For more information on AUDT, feel free to check out their website, https://audt.to/