Thor has released its progress report for the month of July. Thor aims to build an ecosystem for the gig economy on the NEO blockchain by connecting employers with contract labor in an efficient manner. They aim to give contractors instant payment as well as offering healthcare and retirement plans.
iOS App Store Listing
The Thor Payments and Benefits app has been listed on Apple’s App Store. Just as they did with their Android app on June 30th, the Thor team has made T-shirts, hats, mugs, and stickers available for purchase at cost price with THOR tokens so users can experience making transactions through the app. They plan to add the core THOR services as they become available. Early adopters in the USA should note that the app will not allow withdrawals or transfers of deposited THOR tokens until money transmitter licenses are obtained.
Regulation and Licensing
The core Thor services will require a money transmitter licenses (MTL) in each U.S. state that Thor wishes to operate in. Because the application process is expected to take 6 to 12 months, Thor report that it has been in partnership talks with a currently licensed e-commerce platform. This would allow Thor to launch its full platform within the United States while it waits to obtain an MTL from each state.
In addition, Thor reports that it has been in talks to obtain a Payment Services Provider (PSP) license in Europe, which would allow them access to the European banking infrastructure, and would enable a membership in SWIFT, an international banking network. A PSP license would also allow the THOR team to issue credit/debit card services overseas through Mastercard, Visa, or another card issuer.
With regards to upcoming exchange listings, an administration bot on the Thor Telegram group remarked on August 3rd that “As a US based corporate entity, we are unable to discuss exchanges or listing dates at this time due to federal regulatory constraints”.
More information on the Thor project can be found at the links below.
Written by Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.