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WeWork, the global co-working corporation, has announced plans to hold cryptocurrency on its balance sheet, following the broader adoption of digital currencies as a payments platform.
The company released the news early this week, explaining that it is partnering with BitPay and Coinbase to add flexibility for users to transact and make payments. As per the announcement, the coworking firm will be accepting several cryptocurrencies as payments means, including Bitcoin Ripple, and stablecoin USD Coin:
“WeWork will accept Bitcoin (BTC) Ethereum (ETH), USD Coin (USDC) Paxos (PAX), and several other cryptocurrencies as payment for its offerings.”
WeWork adoption of Bitcoin and cryptocurrency
In addition to offering payments in Bitcoin and other cryptocurrencies, WeWork will also be using cryptocurrency to pay landlords for rental space using cryptocurrency. The company will be paying third parties using digital currencies, with Coinbase acting as the gateway to make payments and transactions.
The adoption of cryptocurrency for WeWork, however, is really cemented by its move to add crypto to its balance sheets. Other companies that have chosen to make this move include tech giant Tesla following the advocacy from Michael Saylor of MicroStrategy, a tech firm that made the decision to hold crypto on its balance sheets in 2020.
WeWork’s vision for fintech startups
According to Sandeep Mathrani, the CEO at WeWork, the decision to adopt crypto payments goes hand-in-hand with its vision to partner with fintech startups. He offered:
“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.”
WeWork chairman Marcelo Claure followed Mathrani’s comments, stating:
“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, and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally focused business.”