CHARLOTTESVILLE, Va. (CBS19 NEWS) — Since it was founded three years ago, the hiring app Moonlighting has grown from a local start-up into a multi-million-dollar national business that’s about to launch its own cryptocurrency similar to Bitcoin.
“An initial coin offering (ICO) is very similar to an initial public offering,” said Moonlighting Founder and CEO Jeff Tennery, describing the company’s ICO planned for first quarter 2018. “It gives us as a smaller company a chance to sell virtual coins and tokens in a currency we call the Moonbit that can be used within our marketplace to make payments, buy services, and give people all the freelance support they need using our marketplace.”
Crytpocurrencies have taken off since the introduction of Bitcoin in 2009. Crytpocurrencies are a medium of exchange that are made secure through the use of something called blockchain technology, a decentralized way of tracking transactions that makes theft or fraud unlikely.
While there are many cryptocurrencies in circulation, Tennery said he believes the Moonbit will be successful because Moonlighting has an already existing marketplace for job services. He notes that the company is backed by three major news media corporations: Gannett, Tronc and McClatchy.