PayPal doesn't like cryptocurrency, but uses it

Since digital currencies have become mainstream, PayPal and other online payment systems have been alarmed by the prospect that “crypto” could end their business model in the near future.

Despite this, Paypal payment system has developed its own internal cryptocurrency for use among employees. According to an article by BitcoinExchangeGuide, the token is used to purchase goods and services within the PayPal office as part of a new set of internal reward mechanisms.

Rewards that can be earned for the PayPal token (whose official name remains unknown) include a coffee date with CFO John Rainey and a martial arts lesson with CEO Dan Schulman.

PayPal is not the only high-profile institution to create its own token on the blockchain. It is known that the Spanish group of banks BBVA created a similar internal scheme aimed at “rewarding employees for productive participation” - this is despite the fact that representatives of the management of these banks previously spoke extremely negatively about cryptocurrencies.