Fintech Firm Revolut Will Use Bitcoin for Its WeWork Membership

Divya  |  Sep 18, 2021

On September 16, Revolut, a British neobank valued at $33 billion, announced that it will use Bitcoin to pay for its office space in WeWork. In doing so, the company will become WeWork’s first enterprise member to use cryptocurrencies.

Revolut Will Pay for New WeWork Office Space in Bitcoin

Revolut, the financial app with 15 million customers, will be leveraging Bitcoin to pay WeWork for its new office in Dallas. The company follows a flexible work model that allows employees to choose how often they’d like to work from their homes and offices.

According to a Revolut spokesperson, the move highlights the firm’s commitment to cryptocurrencies and the growing importance of digital assets in real life.

“We are a strong believer in crypto having real-life use cases in the future of payments. The advantage of paying in crypto is the ability to make nearly instant payments without middlemen who charge large international remittance fees,” they stated.

The spokesperson also indicated that Revolut is “working towards a future of everyday use cases for crypto in payments.”

The neobank has been in the crypto trading business since 2017, however, it only allowed customers to move their assets out of the app last year. In April, Revolut added 11 new cryptocurrencies to its platform in addition to the 30-plus currencies that were already available. The new assets included Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph.

“Flexibility is essential for growing companies”: WeWork

WeWork has been prioritizing flexibility in payments for quite some time. In April, the company said that it will accept several cryptocurrencies as payment for its offerings and also add them to its balance sheet.

During the recent statement, WeWork’s global head of financial services, Nick Giraudeau emphasized the role of crypto payments:

“Flexibility is essential for growing companies, and by supporting transactions in cryptocurrency, we can offer choice and convenience while supporting Revolut’s innovative business.”

Coinbase, the US’ largest crypto exchange, was WeWork’s first client that used cryptocurrencies for payment. 

 

Related News