Mark Carnegie joins $30 million series a round for blockchain company Chrono.Tech
|The funding round first saw participation from a European Family Office. Mark Carnegie now follows up to make Chrono.Tech part of his investment portfolio.
Chrono.Tech, founded in 2016, is a Sydney-based fintech company providing a full-spectrum blockchain solution to the employment and HR sector through its apps and services.
It has now become one of the latest beneficiaries of institutional capital being poured into the cryptocurrency and DeFi space.
Mark Carnegie is most familiar as an entrepreneur and successful asset manager in the financial world. He has 30-plus years of experience as a corporate advisor, venture capitalist, investment banker, and working in global financial hubs based in London, Sydney and New York.
Carnegie reveals his reasons for investing in the company, and it’s weighted in the belief of Chrono.Tech founder, Sergei Sergienko:
“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.”
Carnegie also adds that “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.”
The world of DeFi can be particularly arcane, and Mark Carnegie was assisted in this challenge by Sergei Sergienko, a veteran of the Australian blockchain scene. Sergei was an obvious choice to help sift likely winners from crypto’s large volume of low-quality projects.
Carnegie’s firm, MH Carnegie & Co, has over a billion dollars under management, and around a year ago decided to diversify further, taking its first steps into the crypto space with the launch of its first digital asset fund, MHC Digital Asset Fund: a fund giving Australian investors opportunities regarding blockchain technology.
MH Carnegie & Co has monitored digital assets for years; with the economic turmoil and changing investment patterns prompted by the coronavirus pandemic, crypto has come of age and proven itself to be a mainstream asset class for the firm.
About Chrono.Tech’s ecosystem
Chrono’s flagship product is LaborX, a smart contract-powered freelancer platform that enables anyone anywhere to organise work and get paid using cryptocurrency. The second platform in the ecosystem is TimeX, a crypto exchange offering a secure and powerful way to trade different digital assets, including assets within Chrono’s ecosystem. The third is PaymentX, a crypto payroll solution that integrates traditional invoicing and accounting with crypto payments, automating the process of freelancers who want to get paid in digital assets.
The investment from Mark Carnegie and the family office will allow Chrono.Tech to build and improve their services.
A priority for LaborX is launching new modules to expand the platform so users have an easier time accessing work safely and efficiently. This would benefit LaborX’s userbase of 42,000 freelancers and 5,000 customers.
TimeX will be adding new coin pairs and expanding its functionality with the features required to make it attractive and competitive in the fast-moving crypto trading world. PaymentX will also see upgrades, enabling integration with other platforms and services.
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