Paypal Stepping Up Blockchain Development
December 17 2018 - 01:06PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
December 17, 2018 -- ADVFN Crypto NewsWire -- For six months,
a team of 25 at the PayPal Innovation lab has been working on a
payment system for internal use that utilizes blockchain
technology. The Venmo-esque app has now been live for a month, with
positive feedback from the employees. In general it is a
“Venmo-like feed people can like and comment on and see all the
activity going on within PayPal related to innovation” - Director
of innovation Michael Todasco.
Innovative Rewards
System
As with other major payment
processors such as Circle, or Mastercard or Visa, cryptocurrencies
and the possibilities of blockchain technology have been on the
radar for years, with hundreds of patent applications coming form
these companies to improve their payment systems. One of the common
threads is the use of blockchain technology for a customer rewards
system. Paypals internal app adds a reward system like this to the
base Venmo-like structure.
The rewards system is more complex
than simply gaining tokens for making transactions. It facilitates
a system similar to those designed for workplace applications.
Employees receive bonus tokens for joining innovation development
programs, proposing ideas or processing additional work studies.
However, the tokens cannot be withdrawn to cash like the standard
Paypal payment app.
Within their system, the tokens are
valid for over 100 different rewards or experiences with Paypal
Executives, such as poker tournaments, martial arts classes or dog
walks. The tokens can be traded between employees as well, but this
includes the traditional structure of a public blockchain ledger,
where anyone on the network can look at the entire transaction
ledger.
Coinbase Brings Back Cash
Withdrawals
While blockchain technology is
creeping into the internal activity of Paypal’s business and
cultural structure, their payment app is again blending with one of
the world’s largest cryptocurrency exchanges. As of last week,
Coinbase began processing cash withdrawals to customers’ Paypal
accounts - a process that first began in 2016, but was discontinued
for undisclosed technical difficulties. At the time, Coinbase only
supported BTC as well.
By: BGN Editorial Staff
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