PayPal Tokens For Coffee With The Boss

With crypto markets falling ever lower many are making an exit from the space. Not all are that quick to jump ship however, and PayPal is among those looking towards cryptocurrencies, albeit private ones, starting with an incentive platform for its employees.

The company has launched an internal private blockchain based platform for its staff to trade and exchange tokens while contributing ideas and participating in related programs designed to foster innovation. According to Cheddar the initiative has been built by around 25 people taking six months.

PayPal has setup an internal website for employees to access their private tokens and earn more by enrolling in learning programs. The tokens are not tradable outside of the system as they are worthless to all but company workers on its own blockchain.

Historically, PayPal has been anti-crypto and has not accepted it on its merchant platform due to volatility issues. These price fluctuations would be massively amplified considering the excessive length of time PayPal transactions take. This latest venture is only an effort to get staff used to the concept – PayPal still has no intention of adopting or using public cryptocurrencies.

The company has offered ‘experiences’ such as poker tournaments, martial arts and trail runs with head executives for employees that want to ‘cash in’ their tokens. One senior executive described it as a “Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation.”

It is very unlikely that PayPal will be venturing into the real world of cryptocurrencies any time soon. The company made $13 billion in 2017, and a large chunk of that is derived from hugely over inflated foreign exchange rates. Sending money between PayPal accounts in different currencies can cost as much as 5%. Borderless cryptos are obviously a threat to this business model.

PayPal is interested in the technology however and this latest incentive is another step towards it. The most likely outcome would be the development of a ‘PayPal token’ that is only redeemable on the platform to facilitate transactions.

Coinbase recently announced that it would be allowing PayPal for a very select number of users to withdraw crypto from its platform. The full KYC procedure would have to be adhered to which eliminates any advantage of using PayPal over a regular bank as its charges are no better, and often higher.

Image from Shutterstock

Komentar

Postingan populer dari blog ini

TARP Talk Refuses to Die as Brexit Hurtles Toward the Abyss

In the cosmic collision of dreams and dread Brexit has become, one hope refuses to die: That a full-blown market panic can force politicians to overcome bitter division and agree a path to save the U.K. from economic catastrophe. It’s known as the TARP scenario, after the Troubled Asset Relief Program passed by U.S. lawmakers to avert disaster in the financial crisis. In a hint of the pressures that some investors hope could focus Westminster minds, the pound slid to the lowest since April 2017 on Monday after Prime Minister Theresa May delayed a crunch vote on her deal to exit the European Union, pushing the U.K. even closer to a cliff edge. “Stress in financial markets and pressure from businesses should lead to a last-minute approval of the deal in Parliament,” said Silvia Dall’Angelo, senior economist at Hermes Investment Management. Still, she admits this is a “low confidence” base case. The trouble is that, so far, the markets aren’t playing ball. Despite the pound’s drop on Mo

Baca selengkapnya

Pinterest: The Ultimate Pinterest Guide for Beginners

Ebook for Free Pinterest: The Ultimate Pinterest Guide for Beginners Read Pinterest: The Ultimate Pinterest Guide for Beginners book online now. You also can download other books, magazine and also comics. Get online Pinterest: The Ultimate Pinterest Guide for Beginners today. Are you Looking Download or read Pinterest: The Ultimate Pinterest Guide for Beginners for free..? enjoy it. Do you dream of an unlimited supply of customers? Did you know Pinterest can be a big part of your free marketing with great results? Would you like to know how to use Pinterest to grow your business? Pinterest is an online visual bulletin board. It is a relatively new social sharing website that is sweeping the nation. You choose an image that you like and pin it on a board that you name. From fitness to food, to photography and art, there are unlimited possibilities with Pinterest. What seems like a simple concept is simply addictive. All the things that you would traditionally cut out from a magaz

Baca selengkapnya

China Moves on U.S. Car Tariff Cut Trump Tweeted About

China is moving toward cutting its trade-war tariffs on imported U.S.-made cars, a step already claimed by President Donald Trump as a concession won during trade talks in Argentina. A proposal to reduce tariffs on cars made in the U.S. to 15 percent from the current 40 percent -- bringing the U.S. back in line with what other countries pay -- has been submitted to China’s Cabinet to be reviewed in the coming days, according to people familiar with the matter. Shares of carmakers including Daimler AG , Ford Motor Co. and Tesla Inc. rose on the news. The step hasn’t been finalized and could still change. While reversing the retaliatory duty is a major climb-down by Beijing, it could re-focus the two sides toward implementing the trade-war truce agreed earlier this month. Relations have since been shaken by the arrest of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou in connection with sanctions violations. "Last week, events seemed to conspire to throw the truce

Baca selengkapnya

Crypto Robot

Cari Blog Ini