Coworking company WeWork is now opening up to cryptocurrency payments for the rental of its workspaces. And the first business customer for this option is none other than Coinbase.
WeWork is making its contribution to the democratization of cryptocurrencies as a payment method. The office and coworking services company will now accept crypto payments.
To offer this new payment option, WeWork is therefore teaming up with BitPay and Coinbase. Thanks to this partnership, customers of its services will therefore be able to pay their bills in a selection of cryptocurrencies.
WeWork will thus accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), but also "several other crypto-currencies". However, the firm plans to go even further by opening up more widely to crypto.
"WeWork will also hold the currency on its balance sheet. The company will pay owners and third-party partners in crypto-currencies, where applicable, through Coinbase, a member of WeWork and the largest U.S. crypto-currency exchange platform," it says.
Note that the exchange, whose COIN stock is now publicly traded, will also be the first WeWork customer to pay for its subscription in cryptocurrency. A decision that "demonstrates the growing demand for flexible and easy-to-use payment options. "
For the coworking specialist, the policy is meant to underscore its willingness to embrace technology in order to offer greater flexibility to its customers. It recalls the launch in 2020 of the digitization of its real estate portfolio.
This led to the launch of the WeWork On Demand and WeWork All Access offerings. This gives the platform's customers the ability to choose when, where and how they work. And now they can also choose their payment method.
WeWork will have its work cut out for it to revive its business, which was hit hard by the pandemic and the explosion of telecommuting. In 2020, the company recorded a net loss of $3.2 billion due to the drop in rentals.
To revive, it is counting on the digital finance sector in particular. "As our member base continues to grow in the fintech sector, so does our ability to adapt to their needs and serve a new economy," says CEO Sandeep Mathrani.
Source: Website
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