Office-sharing startup WeWork is now accepting Bitcoin and other cryptocurrencies for payments. The move was made possible through a partnership with crypto payment service provider BitPay. The shared workspace provider also said that it will pay its landlords and other third-party partners in cryptocurrency via the U.S.-based crypto trading platform Coinbase.
WeWork has announced that it will begin accepting cryptocurrencies as a form of payment and plans to hold digital assets on its balance sheet.
The commercial real estate company has partnered with crypto payment service provider BitPay for accepting Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies.
Commenting on the partnership with WeWork, Stephen Pair, CEO of BitPay, 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.”
The commercial real estate company further said that it will hold the accepted cryptocurrencies on its balance sheet. However, it’s unclear whether all of the four coins will be held in its treasury.
Coinbase, a WeWork member since 2018 has become the first client to pay in cryptocurrency. Meanwhile, it's not clear as of yet which cryptocurrency Coinbase will pay its rent.
Sandeep Mathrani, CEO of WeWork comments:
"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.”
With the announcement, WeWork becomes the second company after Tesla to accept cryptocurrencies as payments as well as hold on to its balance sheet. As for holding Bitcoin on a balance sheet, companies such as MicroStrategy, Square among others are already at the forefront.