American commercial real estate company WeWork has announced that it is now accepting cryptocurrency as a form of payment and that it pans to hold Bitcoin ($BTC) on its balance sheet.
WeWork, which is a global flexible space provider, was founded in 2010 and is headquartered in New York City.
According to WeWork’s press release, “in partnership with BitPay and Coinbase, the company will expand its flexibility by utilizing cryptocurrency for inbound and outbound transactions.”
With the help of crypto payment processing firm BitPay, WeWork will accept Bitcoin ($BTC), Ethereum ($ETH), USD Coin ($USDC), Paxos Standard ($PAX), and several other cryptocurrencies as payment for its services.
As for outbound transaction, WeWork will “pay landlords and third party partners in cryptocurrencies where applicable through Coinbase.” Furthermore, Coinbase “will be the first WeWork member to use cryptocurrency to pay for its WeWork membership.”
WeWork CEO Sandeep Mathrani had this to say:
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. 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.
And BitPay CEO Stephen Pair stated:
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.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.