>> Announcer: From New York, it's theCUBE. Covering Blockchain Week. Now, here's John Furrier. >> Hello, I'm John Furrier with theCUBE. We are here for exclusive coverage of Blockchain Week in New York with theCUBE's continuing coverage of what's going on with crypto blockchain and decentral appetites. We're here at the Block Crypto House special event. We're here with Matt Roszak, who's the co-founder of Block and we're here with Paul Sloyan, who's the co-founder of job.com with some news. You guy's got a pre-sale, want to get into the details. Thanks for joining. What do you guys do? First, take a minute to explain what job.com is. >> Sure, so we're decentralizing the recruitment platform. So in our world we have three parties, we have a job seeker, we have a recruiter, and we have an end hirer. What we're doing basically, is we are removing the recruiter. We're putting the value back to the job seeker, who's the person that does the work. So the candidate, the job seeker, looks for a job. We peer-to-peer them with the direct client who is going to hire. The surcharge, these huge fees the recruiter companies charge, like 20, 25%, we charge the client six percent. And out of our six percent, we kick back 83% of that value to the job seeker. >> So there's a racket going on. Anyone that's raised a company knows that recruiting is one of the things that you write a big, fat check. >> Well, it's a 638 billion dollar industry, globally. >> Well, it's a nice racket like I said. So, you guys are disrupting using Blockchain so taking the middleman out of it and really making the community collective intelligence of the seeker and job hirers together. That's the secret sauce. >> That's the secret sauce. We have a very clever matching technology which means that the short list is provided by technology. We have some nice user flows that help the user actually be nurtured through the process. And the job seeker gets the reward for the effort. >> Matt, you're an advisor to this company. What did you like about this company? What got your interest? Was it the nature of the team, the disruption? What was the catalyst, for the advisory? >> Yeah, honored to be an advisor to job.com and it always starts with the team, right? We talk about these new tech railroads, these new networks, but it always comes down to the core team. And I think what Paul and his team are putting together is fantastic and you see all these use cases for financial services, or real estate but jobs, and recruiting, human capital management is a massive industry that has a lot of middleman friction, a lot of middleman cost. And blockchain and finding that connective tissue between the job seeker and the jobs, is like a marriage made in heaven in this case. I think they've got the right compass, got great funding, and a great future. >> It's certainly a great testament having you on as an advisor. You had a great compass too, you got in crypto early. You can just smell it on these disruption opportunities, right? Is this one of those cases? >> Yeah, I mean it's like, you know, there's not a lot of competition in this space, doesn't mean there won't be more, but I think what's interesting in blockchain is building these networks early, it gives you an advantage. And so I think, a lot of the road that's going to be paved by job.com will help the job seekers and employers find utility in this new service. >> I like the word that you used, networks. You didn't say audience. It's a different world now. >> Yeah >> It's not audience, and people uniques, it's networks. >> Yeah. >> That's the key to success. >> And networks are powerful. When I think of blockchains, I don't think of blockchains, I think of networks, I think of digital cooperatives. You know, when you contribute something, in this case job seekers will contribute their CVs, if you will, and hopefully find utility on this platform to find jobs. And as a hiring people in the tech field, it's a very expensive endeavor. Hiring people in the blockchain field is almost impossible. It's a very high bar, and very expensive. And so if you find a platform that could provide this service utility, I think it's going to be fantastic. >> And the efficiency is not there either. I mean, you talk about the cost but it's also an efficiency angle on all this. A flywheel here is the network effect, the referrals, so no middleman there, it's no distortion. >> Yeah and I think, you know, from this network you could build other concentric circles of service on top of this. If you get this part right, you can pave into other areas of human capital management. So I think the future's very bright. >> Paul, talk about the round that you just did. So you got news, let's see, the private pre-sale was that accredited only? Just talk about some of the details. People are really are interested. This is funding landscape, it's super robust. >> Sure. >> And they want to hear the best practice. How'd you do it? What was the format? Share. >> Sure, so we're a company based out in Singapore. Although we have an entity across the UK and the US. We've taken a strategic review on who we've partnered. We've partnered with a company called ChainRock, that have helped us bring the capital for our pre private sale. Our private sale is now open. We are all about working with the right partners. We want to prepare to expand the business globally, very quickly. By execution, by making sure we get a land grab and take it to the masses. >> Do you use you job.com platform to get the matching investors? >> Yeah we did, yeah. >> Did they take a fee? I'm sure they did. >> Yeah. (laughing) >> We gave them the fee back. >> Give the fee back. All right, talk about the pre-sale dynamic because some people are talking about pre pres. I mean there's all kinds of new nomenclatures. This is the first praunch, or first round. >> This is the first round. >> Of outside money. How big is the team? Take a minute to talk about the staff. What your plans are? >> Sure. So currently we have 38 staff. We have four offices, three in the US, one in Singapore. We'll launch the product across the US first of all, because we already have sixty million resumes across the US. In the UK we have seven million resumes, and we're going to cross Asia in the next 12 months. >> So you didn't wake up one day and say, "Hey, I'm just going to disrupt the job industry." You had some pre-existing experience. >> Sure. >> Was there an itch you were scratching? Were you frustrated? Like, man I could take this to the next level? How did you go from industry expertise to crossing over saying, "Damn I'm going to use "this disruptive technology "and I'm going to drive this straight down for the world." >> So basically, we started off seven years ago. The business is seven years old. We bought Imagine Technology, and the idea was basically to take search away from job seekers. Because when you search for a job, you're presented with so much information about you that you don't actually get what you're looking for. But by matching, you can upload your resume and our technology will read that resume, read a job, and allocate the relevant person to the relevant job. >> Matt, let's talk about the network effect again because I think this is super important. He brought up the notion of referrals, basically. The best hires come from the network. The flywheel of the network is the contributions that people have so when you have efficiency in the referrals, this network effect is super important, you mentioned that earlier. The infrastructure of this new internet is not based upon the old DNS search. I mean, talk about search engines, it's so old. I mean do people still use. But it's not effective the infrastructure's changing. How are you looking at helping companies look at this new infrastructure saying "Hey, you can't measure network effect." >> Yeah, I think you hit on a really important part, the referrals. These are like the influencers in the network that the more positive referrals they make, the more influential and the more economic activity they could achieve. And there's a reason why Microsoft bought LinkedIn, right? There's an incredible amount of data in there. But when Microsoft bought LinkedIn, I don't know if you got a paycheck for that. I didn't. But if something good happens. >> John: They didn't get a developer program, the worst. >> Yeah. It's not open source, so you can't innovate on it. But if you have a platform like job.com, then you can innovate on that A. B, you share in the proceeds of that network building and if you contribute, then you get back. So again, going back to the definition of this digital cooperative for job seekers and employers, it makes a ton of sense. >> How's the token economics work on this? Token workers, tokens go to the work of the referrals or the job seeker? How does the economics work? What's the transfer of the token piece here? >> I think you should cover that one. >> Sure. So we have basically in the wonderful blue-sky thinking, clients would come to us and buy job tokens immediately from day one, but that's not going to happen. There's a learning curve here to make people start working with us. So we will be charging clients a fare, converting them to job tokens and the job seeker will get a job token. But the job seeker actually earns job tokens on the entire journey. For us, it's about rewarding every step of the job seeking way. >> John: So, engagement with the platform. >> The engagement So, if you upload your resume, you'll get some job tokens. If you go for an interview, you're the person taking time off of a work, using up your holiday, putting gas in your car to go to an interview. >> John: Referrals get tokens for that too, right? >> Referrals get tokens as well. >> John: Is there a reputation system in this? >> There will be, yeah, there will be. The referral tokens work on the basis of you can earn more as a reward, if you refer more people to the platform. >> Well, congratulations and congrats on the news. What's the next round? I'm sure it's over subscribed. Share, I mean you probably can't share, but share a little, little bit of color commentary. >> The private round is, and you're right, the private round, people are queuing up at the door, being quite frank, and we're just hand-picking who we want to work with, by the assistance of Matt and the team. But yeah, it's exciting times. >> All right, good chat. We're here at Blockparty at the event at the crypto house for Blockchain Week in New York. I'm John Furrier, thanks for watching. (digital music)