Crypto Platform Will Allow Workers to Receive Salary They Are Owed on Demand
Connor Blenkinsop's original article for cointelegraph.com reduced by 54%
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. 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. 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.
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. 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.
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