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WeWork announced on Tuesday, April 20, that it will start accepting payments in cryptos such as Bitcoin (BTC), Ether (ETH), and other select cryptocurrencies. The New York-based real estate firm is owned by SoftBank and is the leading provider of flexible shared workspaces that caters to technology startups and services companies.
WeWork has entered into a partnership with BitPay and Coinbase to enable the use of cryptos for its inbound and outbound transactions, according to a blog post on its website. Payments made to the firm will be processed through BitPay while the company will course its outbound payments through Coinbase.
“Through BitPay, a cryptocurrency payment service provider, WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment for its offerings,” the company announced. However, it was not mentioned in the announcement what other cryptos aside from the four will be accepted by the company.
“The company will pay landlords and third-party partners in cryptocurrencies where applicable through Coinbase,” WeWork added. However, this option will only be exercised if the landlord or third-party firms agree to be paid in crypto.
The company added that Coinbase will be the first member to use cryptocurrency to pay for its WeWork membership. “As a leader in the fintech sector, Coinbase’s decision to pay WeWork in cryptocurrency demonstrates the growing demand for flexible and easy-to-use payment options,” the real estate firm explained.
Aside from accepting and using crypto for payments, WeWork also announced that it will be keeping cryptocurrency in its balance sheet. The company will not convert the crypto it received as payment into fiat currency, according to Forbes.
“As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy…,” WeWork CEO, Sandeep Mathrani, explained the company’s decision to accept crypto as a payment method. “It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”
“When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation…,” WeWork Chairman and Softbank Group International CEO, Marcelo Claure, said. “I am very pleased that WeWork is taking steps to recognize the value this technology can provide our current and future members.”
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