PayPal Goes Into Blockchain

Dawid Paluch
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The payment platform has launched a global blockchain-based program. This new development is for PayPal employees-only. At least, for now. The company still doesn’t accept Bitcoin and so far has not developed any other blockchain projects.

Many companies go into blockchain and/or cryptocurrencies. For instance, in September Via Varejo, a Brazilian store, let its customers pay for the products in crypto. Now, PayPal creates a new development for its employees.

The platform for employees only

According to Michael Todasco, the Director of innovation at PayPal, the platform is dedicated only to the company’s workers. He said:

“Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation.”

A new blockchain program rewards firms’ employees with crypto-tokens. There is a catch, though. Tokens have only value inside PayPal and the platform. Every PayPal worker can be rewarded by joining innovation programs and contributing ideas. Workers can also trade tokens. The transactions are recorded on the ledger. Every user can exchange his/her coins for over 100 different awards, from a poker game with the management staff, a morning of martial arts with PayPal CEO Dan Schulman to borrowing the dog of the head of the investor relations.

First workers, then…the whole world?

The employee platform is the first blockchain-based project at PayPal. Experts expect that it is only the trial stage, and then they will be going wider, beyond the company.

Paypal has not confirmed that, but Todasco said in cheddar.com’s report that the innovation lab is working with new platforms on other projects.

PayPal has to do something because it loses primacy in industry. Recently, PayPal app was overtaken by Square’s Cash app on Google Play Store.

 

Image by JHVEPhoto / shutterstock.com

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