The payments giant PayPal is in the recent cryptocurrency news today. Even though the company has so far avoided Bitcoin many times and has not considered the use of blockchain on its platform, it seems like things are changing now.
PayPal has recently launched an internal blockchain-based employee incentive platform which combined six months of work by 25 strong teams and went live this November, according to reports by Cheddar and the lab’s director of innovation, Michael Todasco.
As Todasco explained:
“Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation.”
Basically, the new blockchain platform by PayPal is meant to reward employees in crypto tokens. However, the tokens only have value inside of PayPal and the platform. The staff in the company can earn them by joining innovation programs and contributing ideas, but also trade them with other employees.
The token transactions will be recorded on the platforms’ blockchain ledger and can be redeemed in different forms. For example, there will be poker tournaments, mornings of martial arts as well as dog exchange activities that will include tokens.
Obviously, this paves the way for even greater development internally at PayPal – and eventually the use of blockchain on a wider level. It is about time that PayPal brings something new to the market, especially in times when the Square Cash App is ruling the mobile marketplace.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]