There's now an official "PayPal token" on the blockchain - but you'll probably never own one...

Online payment giant PayPal has officially launched their own blockchain powered token, not for public use in payments though - this is for employees only.

An employee reward system to be more specific, PayPal's the director of innovation Michael Todasco told Cheddar the token powered platform was developed by a team of 25 inside of PayPal, and allows employees to earn tokens for things like suggesting new features or improvements, or participating in innovation-related programs.

So, what can the tokens be spent on?

"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. Gabrielle Scheibe Rabinovitch, the company’s head of investor relations, has offered to let employees borrow her dog for a day" said Todasco.

While this was their first blockchain project to be deployed outside of their developer labs, PayPal isn't totally new to the blockchain world.  They filed a patent earlier this year for technology that supposedly speeds up cryptocurrency transactions.
Author: Oliver Redding
Seattle News Desk