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PayPal Uses Own Blockchain And Cryptocurrency To Reward Employees

PayPal, one of the most famous online payments system adopts blockchain for a Blockchain-Based Innovation Reward System, which included a cryptocurrency token to reward employees.

As reported by the financial news channel Cheddar, the reward system was launched last Thursday. Notable, payment providers like MasterCard, Visa, and other similar internet-based payments systems have often shown hostility towards Bitcoin (BTC) and other blockchain-based cryptocurrencies. To be fair, the virtual assets are indeed a real threat to all these service providers.

In August, the former PayPal CEO, Bill Harris, stated BTC as a useless payment mechanism and ridiculed it as a store of value, in a live Television show. He claimed that in the world were more stable digital currencies are already accepted, cryptocurrencies are useless. Harris sole intention was to discourage investors from investing in cryptocurrencies.

PayPal and Blockchain

In a situation that can be quoted as irony, Harris’ former company, PayPal has now ventured into developing its own internal blockchain and cryptocurrency token to reward employees. The news platform added that PayPal’s innovation team based out of  San Jose, California, have developed the program for over a six-month period and has launched in mid-November.

The reward token given to the employees could be used by them for purchasing goods and services within PayPal’s own office environment. The rewards would be awarded to employees who make positive contributions to office productivity or who contribute innovative ideas which help to improve the quality of life of its employees. Cheddar states:

PayPal’s tokens are redeemable for more than 100 experiences offered on the platform, including poker tournaments with a couple of their vice presidents, a trail run and coffee with CFO John Rainey, and morning martial arts with CEO Dan Schulman.”

While its contemporary has been busy warding off the ecosystem, PayPal has jumped the wagon with open-heartedness. For over two years the platform is exploring blockchain and in March, it filed a patent in the U.S. describing the ways to speed up crypto transactions using secondary private keys.

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