PayPal Embraces Cryptocurrency As It Introduces An Internal Incentive Platform For Its Employees
The cryptocurrency wave is still spreading across industries even as the market continues to experience doldrums. Interestingly, PayPal embraces cryptocurrency in what many analysts see as indicative of huge moves to come.
According to Cheddar, the firm will use the digital tokens to incentivise its employees. In particular, the employees will be able to access the service via a blockchain platform created by PayPal’s staff.
Tokens for experiences
Interestingly, the platform launched in mid-November and took six months to put together. PayPal’s department of innovations took charge of the project and under the leadership of Michael Todasco, the director of innovation.
Nonetheless, the tokens have no value outside the confines of the company. In particular, employees will earn the tokens for participating in various activities within the company. For instance, an employee will earn the token for contributing important ideas towards developing of the company.
Further, the employees are able to exchange the tokens among themselves. After every transaction, all the details will register on a public ledger maintained on the internal blockchain platform.
Interestingly, employees will be able to redeem the tokens for various experiences just within the firm. For instance, Cheddar explains that employees can earn experiences like “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.”
Further, an employee could use the tokens to borrow an executive’s dog. Basically, the tokens will facilitate basic favours among employees that are normally free.
PayPal embraces cryptocurrency at a critical time for the tokens
Interestingly, the experience is similar to an introduction of the PayPal staff to the inner workings of crypto sphere.
This could have a major impact on the firm’s official policy on Bitcoin and other cryptocurrencies. Notably, PayPal filed a patent in August for “an expedited virtual currency transaction system.” Particularly, the system utilizes secondary wallets, as opposed to the common process that uses primary wallets.
Apart from expediting cryptocurrency transactions, the move implies a favorable attitude towards cryptocurrency by PayPal.
However, PayPal embraces cryptocurrency at a time when the bearish market is threatening cryptocurrencies’ existence.
According to our data Bitcoin is around $3,365 USD in the last 24-hour trade period. This is quite a substantial decline from the all-time high values late last year. However, the amount of Bitcoin circulation is still high with the current circulation amount being 17,417,412.