PayPal Creates its Own Internal Cryptocurrency

PayPal Creates its Own Internal Cryptocurrency

Since Bitcoin first became a mass phenomenon, PayPal and other similar internet-based payments systems like it have become nervous about the explosion of blockchain-based crypto-currencies for one very simple reason: they may eventually spell the end of their own business models in the not-so-distant future.

However, despite this, it appears that PayPal has developed its own internal cryptocurrency for use amongst its own employees. That is according to an article which recently appeared in BitcoinExchangeGuide which claims that the world’s leading online payments system has developed its own token as a means for purchasing goods and services within PayPal’s own office environment as part of a new set of inhouse rewards mechanisms.

Coffee and Karate

It appears that PayPal is dishing out tokens as rewards to employees who make positive contributions to office productivity or who contribute innovative ideas which help to improve the quality of life of its employees.

Amongst the rewards that can be redeemed with the PayPal token (whose official name remains unknown) are coffee with CFO John Rainey and martial arts classes with CEO Dan Schulman.

PayPal is not the only high profile institution thought to have engaged in the creation of its own blockchain-based token designed to serve as a rewards mechanism. Spanish banking group bank BBVA is thought to have created a similar internal scheme, designed to “reward constructive engagement from its employees” – and this despite the bank’s own official, rather unfavourable stance on cryptocurrencies which it has previously referred to as immature and prone to malpractice.