The steady takeover of mainstream financial processes by cryptocurrencies continues to be undeniable day by day. Big firms like Tesla, PayPal and MasterCard have already hopped on board. Leading flexible space provider, WeWork decided it will not be left behind.
WeWork Collaborates with Coinbase and BitPay
On Tuesday, WeWork announced that it would start accepting payments in cryptocurrencies. The office-sharing startup is rolling out this feature in collaboration with cryptocurrency exchange platforms Coinbase and BitPay. WeWork will accept payments through BitPay and issue its payments via Coinbase.
The leading flexible space provider is launching its cryptocurrency payments feature with a few selected digital coins. WeWork will be accepting Ethereum (ETH), Bitcoin (BTC), USD Coin (USDC), Paxos (PAX) together with a variety of other cryptocurrencies.
Office-sharing startup WeWork is following in Tesla’s footsteps in its dive into cryptocurrency payments. Similar to the electric carmaker, WeWork will be holding cryptocurrency on its balance sheet. It will then use the cryptocurrencies to make payments via Coinbase to landlords and other third-party partners.
Coinbase will not only facilitate WeWork’s outbound transactions but also be its first customer to pay in cryptocurrency. The cryptocurrency exchange platform will be updating its WeWork membership in cryptocurrency.
WeWork Adds Cryptocurrency Payments Feature as It Prepares to Go Public
Sandeep Mathrani, WeWork’s CEO, attributed the adoption of cryptocurrency payments to the firm’s goal to evolve and meet the diverse needs of its growing customer base.
Moreover, the firm’s addition of the cryptocurrency payments feature comes after it announced its intention to become a publicly listed company. The leading flexible space provider plans to go public via a SPAC. Its value during the announcement was $10 billion, which was a drop from a high of $47 billion in 2019.
Nonetheless, with the COVID-19 pandemic, WeWork believes it is “uniquely positioned” to cater to the growing demand for flexible workspaces. The addition of cryptocurrency payments may be among the preparatory steps the office-sharing startup is undertaking before taking over the industry.