Having led in the co-working space industry, WeWork has stepped into "servicing a new economy"—cryptocurrency. The company announced that it now accepts cryptocurrencies as payment and we're beginning to see more strategic partnerships arise because of this. WeWork's move makes sense because the global COVID-19 pandemic catapulted remote work and cryptocurrencies have risen in the past year. Here are the various cryptocurrencies WeWork accepts as payment.
Shortly after WeWork announced its step towards accepting crypto, Coinbase became the first client to pay WeWork in cryptocurrency because of its partnership in the matter. Partnering with BitPay and Coinbase, WeWork sets out to further expand its flexibility by accepting and utilizing cryptocurrency for transactions.
Why WeWork is accepting cryptocurrency
As a company operating on a global scale and one that centers around flexibility, WeWork understands the potential impact of leveraging the technology of blockchain and cryptocurrency. In doing so, it can improve the demand for "optionality" and "convenience." In accepting cryptocurrency as a form of payment, WeWork is demonstrating that it's hyperfocused on accelerating flexibility "to the next level."
Just last year, WeWork did an overhaul and digitized its real estate portfolio with the release of its WeWork On Demand and WeWork All Access products. The products allowed members to choose when, where, and how they work. More than just sorting out more efficient ways to provide flexibility, WeWork will also be paying its landlord in cryptocurrency and maintaining the digital assets on its balance sheet.
In accepting cryptocurrency, WeWork demonstrates that as a company it's committed to innovation, but in being a "global-focused" business. As WeWork Chairman and Softbank Group International CEO, Marcelo Claure said, “When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation. Cryptocurrency helps build a stronger global economy."
What cryptocurrencies does WeWork accept?
Using cryptocurrency payment provider BitPay, WeWork will be able to accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX). The company will also be expanding into several other cryptocurrencies.
Understanding the symbiotic nature of this partnership, BitPay CEO Stephen Pair, said, "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 advantage of paying in crypto is the ability to make nearly instant payments without middlemen..."
Coinbase isn't the only company that pays for its WeWork services in cryptocurrency. British FinTech firm Revolut is the first enterprise team to pay for WeWork in Bitcoin. Paying for its 300 employees in a WeWork in Dallas, the largest office in the U.S., Revolut says that this move mitigates costly international expenses.
Revolut pays WeWork in Bitcoin because as one spokesperson said, “We are a strong believer in crypto having real-life use cases in the future of payments." In making a statement, Revolut is saving money by paying WeWork in Bitcoin since the technology mitigates the need for an intermediary, which saves it from paying international remittance fees.