FinTech News
WeWork to Begin Accepting Cryptocurrencies for Payment
After a relatively steady climb in recent months, the cryptocurrency market is back to its volatile ways. Between Dogecoin’s rapid rises and Bitcoin’s flash crashes, some investors may be reminded why they avoided the asset class in the first place. Nevertheless, the acceptance of crypto is continuing to grow, with WeWork now joining the list of companies that will allow customers to pay in Bitcoin and the like.
According to a press release, the “flexible space provider” WeWork will now accept Bitcoin, Ethereum, USD Coin, Paxos, and select other crypto assets as a form of payment. This will be made possible via a partnership with BitPay. Then, WeWork says it will hold any crypto received on its balance sheets as well as pay landlords and other service providers in cryptocurrencies when possible using Coinbase.
WeWork also notes that Coinbase will be the first of the company’s clients to pay for its membership in crypto. Of course, Coinbase — the largest cryptocurrency trading platform in the United States — is currently flush with cash following its recent initial public offering.
In a statement, WeWork CEO Sandeep Mathrani said of the company’s latest endeavor, “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.” He continued, “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.” BitPay CEO Stephen Pair also commented on the partnership with WeWork, saying, “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.”
This announcement from WeWork makes them the latest in a starting of high-profile companies that have made investments in (or at least overtures to) cryptocurrencies. Perhaps most notably, in February, Tesla announced that it had purchased $1.5 billion worth of Bitcoin. Additionally, the electric car company began accepting Bitcoin as payment for its vehicles last month.
Observers of WeWork may be tempted to point out that, given the volatility the office workspace company has endured, cryptocurrencies are a perfect match for the firm. Jokes aside, this announcement is yet another example of mainstream cryptocurrency adoption at what is proving to be a breakthrough time for such assets. Ultimately, while this move may not get as much attention as Tesla or others, it’s still a step forward — and one that will hopefully benefit all involved.
