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Despite volatility, WeWork to begin accepting payments in cryptocurrencies; partners with BitPay and Coinbase

Image credits: WeWork

Cryptocurrency is becoming an increasingly popular payment option as various big companies are embracing it. The latest company on the list to join is WeWork, the leading flexible space provider.

Recently, WeWork has announced that it will be accepting payment in select cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and more, in a few countries including the UK. 

Partnership with BitPay and Coinbase

The company has partnered with BitPay and Coinbase to expand its flexibility by utilising cryptocurrency for inbound and outbound transactions. WeWork says it will hold the currency on its balance sheet as well. 

Notably, the company will pay landlords and third-party partners in cryptocurrencies where applicable through Coinbase, a cryptocurrency platform. 

First WeWork member

On the other hand, Coinbase will be the first WeWork member to use cryptocurrency to pay for its WeWork membership. It’s worth noting here that, Coinbase recently made its stock market debut in NASDAQ.

In 2020, New York-based 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.

Founded in 2010 by Adam Neumann, and Miguel McKelvey, WeWork was founded with the vision to create environments where people and companies come together and do their best work. 

WeWork CEO, Sandeep Mathrani, said: “WeWork’s strength is in our ability to evolve and best meet the diverse needs of our members around the world. 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.”

WeWork Chairman and Softbank Group International CEO, Marcelo Claure, said: “When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation. 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 recognize the value this technology can provide our current and future members.” 

CEO of BitPay, Stephen Pair, said: “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. 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.”