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PayPal ( PYPL ) subsidiary Braintree is rejiggering its developer program, shifting some staff to other departments, with PayPal telling IBD Friday that a branded developer group isn’t needed. The changes at Braintree included staff cuts , The Next Web reported. Braintree powers payments for a roster of clients that includes startups such as alternative accommodations provider Airbnb, ride-hailing app Uber, and Amazon.com ( AMZN ) competitor Jet.com. Reached by telephone Friday afternoon, a PayPal spokeswoman did not confirm layoffs. She said that the changes had nothing to do with the company’s performance and issued the following statement: “Developer advocacy has become an integral part of the PayPal and Braintree businesses, and is at the core of everything that we do. As such, having a branded developer advocacy group is no longer necessary.” The team most recently known as Braintree_Dev will no longer operate under that moniker, and some members of the team will be integrated into developer facing roles throughout Braintree. Additionally, as we build the next generation of developer facing programs, we will not be bringing BattleHack back in 2016, but will be back soon with information on upcoming programs and events.” BattleHack is Braintree’s hackathon — an event where software developers compete to create a product during the duration of the event, which is presented for judging at the end. There is sometimes a prize associated with a win, and in Braintree’s case it was $100,000. We’ve decided to rethink #battlehack 2016 & are working on new initiatives to engage with you all. Follow @braintree for future updates. — braintree_dev (@braintree_dev) March 9, 2016 Like PayPal — which has been aggressively marketing itself as “new money,” Braintree is also advertising in tech hubs around the world. PayPal, an IBD Leaderboard stock, was up more than 2% in afternoon trading on the stock market today . Today’s rise shores up its hold above a 38.62 buy point. Volume was 70% above average and the stock is in buy range. PayPal acquired Braintree in 2013 for $800 million. The acquisition also included Venmo, a peer-to-peer payments app popular among millennials. Venmo competes with similar products such as Square ( SQ ) Cash. Scalper1 News
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