WeWork Now Acceps Bitcoin For Its Services
American real estate firm WeWork has announced that it now accepts Bitcoin (BTC) as payment for its services.
The firm said it would retain any payments in Bitcoin on its balance sheet, and would start looking to pay landlords and partners in BTC and a selection of other cryptocurrencies.
According to the announcement, WeWork will also accept Ethereum (ETH), USDC, Paxos (PAX) and several other cryptocurrencies as payment for its offerings.
WeWork Partners With BitPay And Coinbase
WeWork has partnered with Bitcoin payment provider BitPay and cryptocurrency exchange Coinbase, who will become WeWork’s first tenant to pay for their services in cryptocurrency.
WeWork CEO Sandeep Mathrani said the firm’s strength lies in adapting to meet the needs of its members, so expanding payment optionality into Bitcoin and other cryptocurrencies was the right thing to do moving forward.
‘WeWork has always been at the forefront of innovative technologies, finding new ways to support our members,’ said Matharni. ‘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.’
BitPay will service the payments for WeWork, and the payment provider’s CEO said their intention was to help transform how business transact money.
‘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,’ said the BitPay CEO. ‘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.’
WeWork Is Owned By Japanese Conglomerate SoftBank
WeWork is owned by Japanese multi-national conglomerate SoftBank, who acquired the commercial real estate company in 2019 after WeWork’s failed IPO.
SoftBank CEO and WeWork chairman Marcelo Claure said cryptocurrency was central part of any conversation for the company, who intended to build a stronger global economy by utilising it.
‘When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation,’ said Claure. ‘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 failed IPO raised a few headlines, as has this move, with some sceptics calling it a publicity stunt before the real estate firm goes public via a SPAC later this year.
But WeWork isn’t the first large company to start accepting Bitcoin after Tesla announced it was accepting Bitcoin for payments of its vehicles.
And the news that WeWork will hold Bitcoin on its balance sheet echoes that of Tesla’s and of course MicroStrategy, which has been holding Bitcoin on its balance sheet since last August.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.