WeWork to Begin Accepting Cryptocurrency Payment

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WeWork has joined the growing list of large companies to begin accepting cryptocurrency payments. The global office-space provider announced that it partnered with Bitpay and Coinbase for “inbound and outbound” transactions.

WeWork is a leading provider of workspace and environments for individuals and businesses, from freelancers to Fortune 500 companies. With more than 800 workspaces across over 150 cities, the company is arguably the largest office environment provider in the world. WeWork is backed by Japanese multinational conglomerate Softbank Group Corp, which owns an 80% stake in the company.

In its announcement on Tuesday, WeWork noted that it would hold cryptocurrencies on its balance sheet, joining the likes of Tesla, Square, and MicroStrategy.

The company also noted that:

“Through Bitpay, a cryptocurrency payment service provider, WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment for its offerings.

 

WeWork will also hold the currency on its balance sheet.
The company will pay landlords and third-party partners in cryptocurrencies where applicable through Coinbase, a WeWork member and the largest U.S. cryptocurrency trading platform.”

Comments from WeWork and Softbank Chiefs
The CEO of WeWork, Sandeep Mathrani, stated that “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.”

Meanwhile, Softbank Group International CEO and WeWork Chairman Marcelo Claure spoke on the new development, noting that:

“Cryptocurrency helps build a stronger global economy, and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally-focused business.”

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.