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Interesting facts: PayPal has created its own Blockchain-based innovation reward system that includes a cryptocurrency token to reward employees. The financial news channel Cheddar reported the launch of the reward system last Thursday.
Since the beginning of Bitcoin, payment providers such as MasterCard, Visa and other similar Internet-based payment systems have become nervous about the explosion of blockchain-based cryptocurrencies. Trying to stop the explosive growth of Bitcoin and other cryptocurrencies, a war has been initiated by many governments and payment service providers.
A few months ago, the former CEO of PayPal, Bill Harris, stated on live television that Bitcoin is useless as a payment mechanism and ridiculous as a store of value. Continuing, Harris said that cryptocurrencies are useless because the world already has digital currencies that are more stable, more widely accepted and have an intrinsic value such as the dollar, the yen, and so on. Harris' harsh words were intended to scare off investors.
The irony, however, is that despite all this, Harris, his previous company, PayPal, has now developed its own token blockchain and internal cryptocurrency to reward employees. According to the Cheddar news channel, the program was prepared by the PayPal innovation team, based in San Jose, California, for a period of six months and launched in mid-November.
Apparently, the token can be used by employees for the purchase of goods and services within the PayPal office environment. PayPal has created the token as a reward for employees who make a positive contribution to the productivity of the office or who contribute with innovative ideas that help improve the quality of life of their employees.
Cheddar declared:
"PayPal tokens are redeemable for over 100 experiences on the platform, including poker tournaments with a couple of their vice presidents, a run and coffee with CFO John Rainey and morning martial arts with CEO Dan Schulman."
Even PayPal, which has been exploring the blockchain for two years, is also interested in cryptographic payments. In March, the company filed a patent in the United States that describes ways to accelerate cryptographic transactions using secondary private keys.
