PayPal to use Blockchain based reward system for employees

As reported by online news magazine Cheddar on December 6th, online payment provider Paypal will use a blockchain based reward system for its employees.

According to the report, the program has been prepared over a six-month period by Paypal’s innovation team in San Jose, California. The launch was in mid-November of 2018. Employees using the program will receive tokens as a reward for contributing ideas and participating in innovation-related programs. However, these tokens are only valid within PayPal, and can be traded through a public account between program participants.

PayPal’s Innovation Director, Michael Todasco, compared the reward system with Venmo. Venmo is a mobile payment service providing communication through public and private social media feeds. On its own token website, employees can view and comment on all PayPal-related activities related to innovation.

Paypal tokens in exchange for experiences

The tokens collected by employees can be exchanged for over 100 experiences offered on the platform. For instance, employees can play poker with PayPal VP’s, have coffee with CFO John Rainey or practice martial arts with chairman Dan Schulman. Supposedly, you the can even borrow the dog of a top manager for one day.

PayPal has been involved with Blockchain technology for two years now. Another area of interest are crypto payments. In March, the company filed a patent, describing how secondary private key crypto transactions can be accelerated.

However, Peter Todd, a Bitcoin developer and cryptography consultant, later claimed that PayPal wanted to patent a technology previously developed by Opendime. Opendime is a Bitcoin (BTC) hardware wallet provider.