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PayPal, the global online payments company, has reportedly announced internally last week that it is giving its employees a crash course in crypto token economics. Cheddar, the the financial news site, reported on the story on December 6.
Cheddar reported that PayPal’s program was launched in mid-November and was engineered by the internal innovation team over a six month period.
Employees at PayPal are given tokens, which they can access through PayPal’s internal website. If employees want to earn more tokens, they can do so by engaging and participating in innovative programs and contributing their ideas. Employees can also trade tokens between themselves, which transactions being shared on a public ledger.
So why collect coins? The aim behind the program is to encourage innovation within PayPal, but employees also stand to gain “treats” in exchange for coins. The tokens can be exchanged for over 100 experiences, this includes things like practicing martial arts with the CEO Dan Schulman, or playing poker with PayPal’s vice presidents.
The innovation lab that birthed this idea is the San Jose PayPal innovation lab in California, which has been up and running for three years. However, PayPal has innovation labs dotted around the world, for example, in Bangalore, Singapore, Chennai, Scottsdale, and Ariz. With so many innovation labs, who knows what exciting idea will be born next.
In the road towards a normalized view of cryptocurrency, where society at large accepts it as a viable alternative to traditional currency, there needs to be a cultural shift. This cultural shift starts with programs like this one. As the public becomes used to handling crypto and understanding the concepts behind it, and how it works in practice, the more likely they are to view it as an alternative.
Initiatives like these go a long to way changing the way people see crypto and reducing any perceived threat of a crypto future. This idea of threat or fear often comes from the unknown. Many people still do not know a great deal about crypto, and this leads them to be suspicious and cautious towards crypto in practice. PayPal clearly sees the value in crypto and have decided to use a version of it for their internal employee rewards program, again normalizing its practice in the public sphere.
PayPal is an influential tech giant, so we could see other companies following suit and launching their own internal blockchain programs.