It emerged this week that PayPal is nibbling around the edges of blockchain and cryptocurrency. The company has introduced an employee blockchain-based rewards system, as first reported by Cheddar, and renewed a partnership to accept cash withdrawals from Coinbase customers in the US.
The employee program was launched by PayPal’s San Jose innovation lab. Introduced in mid-November, the program was developed over 6 months by 25 PayPal employees. Employees earn tokens by participating in innovation-related programs and by generating new ideas. They can then redeem these tokens for “experiences” with PayPal executives. All transactions are recorded on a ledger viewable by employees. Previous programs run by the innovation lab, including voice technology, have later been implemented in PayPal’s core products.