According to a recent report by Cheddar, the initiative was built by around 25 people in PayPal’s Innovation Lab over a six month period and officially launched in November.
Through the new program, employees can earn tokens by participating in innovation-related programs and contributing ideas. These tokens are accessible directly through PayPal’s internal website and are tradeable among the company’s employees.
PayPal token transactions are all recorded to an internal blockchain, where everyone can keep track of the activity in the innovation network. As employees accrue the tokens, they can eventually redeem them for “experiences,” including poker tournaments with vice presidents, a trail and coffee run with CFO John Rainey and even a martial arts session with CEO Dan Schulman.
Michael Todasco, the company’s director of innovation, described it as a “Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation.”
While it doesn’t look like PayPal is planning to launch a blockchain or cryptocurrency-related product anytime soon, this initiative is a clear indication that the company is serious about the next generation of payments technology.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.