WeWork to accept crypto payments
Shared office space provider WeWork has announced it will be accepting cryptocurrency payments from clients.
The New York-based real estate company, which held a growing portfolio of £18.9bn of property in the UK prior to the Covid-19 pandemic, has partnered with BitPay and Coinbase to create flexible inbound and outbound crypto transactions.
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 many of its offerings.
WeWork will also hold cryptocurrency on its balance sheet, paying landlords and third-party partners in cryptocurrencies where applicable through trading platform Coinbase.
In addition, Coinbase will be the first WeWork member to use cryptocurrency to pay for its own WeWork membership
WeWork’s bosses say they have accelerated the company’s focus on leveraging technology to take flexibility to the next level.
In 2020, WeWork digitised its real estate portfolio with the release of its WeWork On Demand and WeWork All Access products, enabling members to choose when, where, and how they work.
Ability to evolve
“WeWork’s strength is in our ability to evolve and best meet the diverse needs of our members around the world,” said CEO Sandeep Mathrani.
“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 has always been at the forefront of innovative technologies, finding new ways to support our members.
“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.”
The group’s chairman, Marcelo Claure, who is also the CEO of Softbank, said he believed cryptocurrency now had globally recognised value.
“When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation,” he said.
“Cryptocurrency helps build a stronger global economy and WeWork’s announcement demonstrates the company’s commitment not only to innovation, but also to being a globally-focused business.
“WeWork’s ability to provide members with an additional convenient means of payment is hugely exciting. I am very pleased that WeWork is taking steps to recognise the value this technology can provide our current and future members.”
Stephen Pair, CEO of BitPay, echoed their comments.
“BitPay believes crypto is the future of fintech and payments and our goal is to transform how businesses and people send, receive, and store money,” he said.
“WeWork is giving their customers an innovative payment option that is cheaper and easier than credit cards and taps a community valued at over $2 trillion.”