Working with the crypto payment service provider BitPay, WeWork will accept bitcoin, Ethereum, USD Coin, Paxos and numerous other cryptocurrencies as payment for its services, while also holding the currency on its balance sheet.
WeWork says it will pay landlords and third-party partners with cryptocurrencies when applicable using Coinbase, a WeWork member and the country’s largest trading platform for cryptocurrency. Coinbase will also become the first WeWork member to pay for its membership with cryptocurrency.
According to the company, this move is part of a larger trend of “leveraging technology to take flexibility to the next level.” Last year, WeWork digitized its real estate portfolio with WeWork On Demand and WeWork All Access, which allows members to choose where, when and how they work.
“WeWork has always been at the forefront of innovative technologies, finding new ways to support our members,” said CEO Sandeep Mathrani. “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.”
Added BitPay CEO Stephen Pair: “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.”
WeWork announced last month that it was in talks to go public with the special-purpose acquisition company BowX Acquisition Group. The deal, if approved, would give WeWork a $9 billion valuation, including debt. The company would raise another $1.3 billion, including $800 million in private investment in public equity, or PIPE.
For a longer look at how cryptocurrency is edging its way into the mainstream, read PYMNTS’ February interview with Sean Rolland, BitPay’s director of product.