PayPal payment service has launched an internal blockchain platform which allows the company’s employees to exchange corporate tokens for various goods, services, and “experiences”, including poker tournaments with the company’s vice presidents and coffee with CEO PayPal Dan Schulman.
25 people in PayPal were developing this platform over a period of six months. Launched in mid-November, the resulting blockchain platform is designed to give the company’s employees some grasp in the crypto economy.
The platform provided PayPal’s staff members with certain amount of the company’s internal tokens. Employees can earn more by participating in innovation-related corporate programs and events and contributing their ideas. Though not exchangeable for other crypto assets or fiat money, tokens are tradable among employees.
PayPal’s tokens are redeemable for more than 100 “experiences” offered on the platform, including 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.
PayPal has been actively exploring the distributed ledger technology (DLT). Back in March, PayPal filed a patent application describing an enhanced cryptocurrency transaction system with certain resemblance to the Bitcoin’s second layer Lightning Network (LN).