Moonlighting, a marketplace for freelance professionals launched in 2014, has taken on a $5 million investment round led by the FinLab EOS VC fund, a joint venture of FinLab AG and Block.one.
The investment will be used to grow Moonlighting’s user base and to integrate its existing infrastructure with EOS. This seems to be interesting especially after last week Coinbase announced support for three new tokens on its professional trading platform Coinbase Pro including EOS, Augur (REP) and Maker (MKR).
In addition, last month, EOS also took the first spot among 122 analyzed cryptocurrencies and their market performance in the Weiss Crypto Ratings.
Moonlighting CEO Jeff Tennery said he believes that both employers and employees within the freelancing industry will be benefitted throughout this process. He said:
“We have been exploring blockchain protocols since the end of 2017 and [have] chosen EOSIO due to its ability to scale transaction processing, maintain low transaction costs and enable ease of user account management.”
Adding the Web 3.0 tech is a manner of strategy within the Moonlighting platform. Tennery expressed that the goal for the freelance marketplace is to make sure that their clients can easily distribute their own profiles to any platform, making it possible to use their profile across multiple websites.
Considering the “fragmented” nature of this sector of the community, Moonlighting should be effective in promoting the personal use of a freelancer’s profile, creating an aggregated gateway with a simple sign-on process.
Moonlighting as the “Oracle of Profiles”
Tennery also added that with the funding, Moonlighting can finally follow through with blockchain plans, making them “the Oracle of Profiles” within the world of freelance. Along with this new project, Moonlighting had recently considered an initial coin offering last year for faster payment processing but ultimately chose not to follow through because of the abundance of “scrutiny” last year.
Just for a reminder, Block.one, the Cayman Islands-registered software technology firm responsible for the initial development of EOS, recently released its open-source software which also includes the introduction of EOSIO Labs.
They have also raised $4 billion in a yearlong ICO that ended in 2018, using those funds to develop the EOSIO software. Block.one also invested in funders who would support applications meant to run on the new blockchain, most famously in Mike Novogratz’s Galaxy Digital. The FinLab EOS VC fund is a similar effort.
A thing that makes Moonlighting a worthy platform, is their focus on decentralizing profiles. By doing so, freelance writers will be able to sign into one account that allows them to access several writing jobs across different mediums, which is both time and cost efficient. It has also been stated that the profiles and related data will be stored onto the blockchain platform to increase traceability and trust.
Last year in June, Moonlighting announced partnership with Entoro Capital, LLC (Entoro), a leading global investment banking and financial services group to manage its upcoming Simple Agreement for Future Equity with Token Allocation (SAFE-T).
Moonlighting then said they will be starting to use Entoro’s digital private securities syndication platform called OfferBoard to raise up to $25M from accredited investors under Regulation D and Regulation S of the Securities Act.