In a press release published via PRNewswire on October 1, Thor, the blockchain platform aimed at building gig economy solutions, revealed their new contractor management portal for businesses that employ independent contractors, dubbed Odin. Thor also announced a partnership with US-based payment services firm Dwolla, in a bid to facilitate Thor’s payment network on the fiat/USD side of Odin and the Thor Mobile Platform.
David Chin, the CEO and Founder of Thor, released a statement, saying:
“Releasing Odin is a major milestone for us as a company. There is no product on the market quite like it for managing payments for a 1099 workforce. This launch is just the first of many exciting steps we’ll be taking in the coming months, including securing this partnership with Dwolla to handle payment processing. That has been crucial to getting Odin off the ground.”
Odin is the first blockchain-ready payments portal of its kind and is essential for businesses that employ independent contractors. Firms can use Odin to manage and track outbound payments to contractors, which saves hours of tedious backend work. Companies can also use Odin to incentivize contractors’ behavior at the point of activity while maintaining a compliant company/contractor relationship.
Allen Jingst, Director of Sales with Dwolla, also gave a statement, saying that:
“Thor is an exciting new project built on a great idea. The gig economy is proving to be a major component of the U.S. economy, but it’s still built on out-of-date payment models. We are thrilled to partner with Thor to modernize the gig economy and ultimately make it more efficient than ever.”
Odin aims to bring further features in the future, with automated financial disclosures to the RS regarding business payments to 1099 contractors, further streamlining the contractor management process so that companies can stay focused on their core mission.
Interested in other blockchain innovations and the latest in cryptocurrency news? Head over to our cryptocurrency news site for more.