Paypal launches an internal reward system (blockchain-based) for its employees where they can earn PayPal cryptocurrency or token by participating in the innovation programs of the company. These tokens will only hold value within PayPal.
More Information on the PayPal Blockchain Based Internal Reward System
Reports say around 25 people in the Innovation Lab of PayPal (based in San Jose of California) built the system over a period of 6 months. It was officially launched in mid-November 2018. The PayPal employees can participate in this new program, participate in the innovation-related programs, contribute ideas, and earn PayPal crypto coins.
How does the Internal Reward System Work?
The employees can access these tokens directly through the internal website of PayPal. In fact, they can trade these tokens with other employees of the company who are participating in the program. With the help of a “public ledger” these tokens can be traded among participating PayPal employees.
As this reward system is blockchain technology-based, all the transactions of PayPal token remain recorded in the internal blockchain. Everyone associated with this blockchain can keep track of the innovation network’s activity.
What are the Facilities Associated with this Internal Reward System?
The PayPal employees can accrue tokens and then redeem them gradually for more than one hundred experiences. These experiences include a wide array of PayPal internal activities such as a trail and coffee run with CFO John Rainey, poker tournaments with vice presidents, and martial arts session with CEO Dan Schulman. Reports say one of the 100 experiences also include the facility of allowing an employee to borrow the dog of a top employee for an entire day.
PayPal’s director of innovation, Michael Todasco, described the system as:
“Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation.”
Though some quarters are claiming that PayPal may be planning to launch its own crypto related product or blockchain, it doesn’t seem so. With the launch of the new blockchain based internal reward system, it is clear that PayPal is seriously considering the next generation payments technology.
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