WeWork is accepting payments in cryptocurrency, which kind of adds to the whole narrative of larger companies putting cryptocurrency on the balance sheet. They intend to whole the crypto that they are paid with and Coinbase is going to be the first company to do so.
The latest to accept payments in selective crypt tokens is WeWork, in partnership with crypto payment service providers, Coinbase and BitPay. It would use the cryptocurrency facility for all its incoming and outgoing transactions.
WeWork will accept tokens like Ethereum, Bitcoin, USD Coin, Paxos, and many others via Bitpay. According to BitPay, WeWork caters to a community that is worth more than $2 trillion. BitPay’s goal is to transform the way businesses and people store, send and receive money so what better way than to partner with WeWork.
The real estate company will also be putting the cryptocurrency on its balance sheet. Through Coinbase it would make payments to buyers, third parties, and agents in cryptocurrency where relevant.
Coinbase will be its first customer to pay in crypto and it makes a lot of sense. This makes one wonder if Coinbase was the reason that WeWork decided to go this route with Coinbase offering to pay it. Coinbase is a leader in the fintech market and its choice to pay WeWork in crypto reflects the rising demand for such payment methods. Such payment options are easy to use and flexible which is why they are becoming so popular amongst the larger population.
There has been an increase in demand for accessibility and convenience and WeWork is using technology to meet this demand. Last year the company had gone digital allowing customers to use its services remotely. Covid-19 too has a role to play in this because the concept of shared spaces is losing the essence. WeWork introduced WeWork All Access products and WeWork On Demand. This made it possible for customers to select at their own convenience where, how, and when they work.
The Chief Executive Officer of WeWork, Sandeep Mathrani stated that this was a step towards adapting to the needs of the company’s members. Mathrani added that WeWork is always keen to adopt innovative technologies in order to support its customers.
There have been some other news too surrounding WeWork. It’s been projecting revenue growth while also planning to go public and now with the latest announcement it’s also taken the crypto plunge.
The user base continues to grow in the fintech sector and every company and business is being affected by it.
It is not often that you see a traditional company come to the crypto space. Anyone who is getting involved with cryptocurrency that’s great because that means casting off the shackles of the existing financial system. If companies are accepting Bitcoin or any other cryptocurrency that is a step in the right direction and a decentralized future.