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Like Tesla, WeWork said that it would be showing crypto on its balance sheet. The company added that it would pay landlords and third-party partners with crypto.
Work-space sharing company WeWork has joined the list of companies who accept crypto as a form of payment. WeWork announced that beginning from the 20th of April, the company will start utilizing the new payment.
WeWork Reveals Crypto as New Payment Method
In the announcement, WeWork revealed that it has partnered with crypto exchange and wallet service Coinbase Global Inc (NASDAQ: COIN) and BitPay on the new service. According to WeWork, the partnership will help the company “expand its flexibility by utilizing cryptocurrency for inbound and outbound transactions.”
With the help of BitPay, WeWork will be supporting selected cryptocurrencies. The WeWork-supported cryptos include Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and more other digital assets.
Notably, WeWork’s move to start accepting crypto payments came after electric vehicle company Tesla Inc (NASDAQ: TSLA) announced that it would start accepting cryptos in exchange for its product. The carmaker also added that it would not convert received digital assets to fiat currencies. Instead, the company will keep digital assets on its balance sheet.
Like Tesla, WeWork also said that it would hold received cryptocurrencies on its balance sheet. The work-space sharing service provider added that it would also pay landlords and third-party partners with cryptos. The crypto payment will be processed through Coinbase.
Furthermore, WeWork revealed in the announcement that Coinbase would be the first member of the WeWork community to pay for its membership in cryptocurrency. Coinbase’s decision shows the “growing demand” for easy payment options.
Comments on WeWork’s New Form of Payment
WeWork CEO Sandeep Mathrani commented on the new development. Mathrani said that the company’s strength lies in its ability to evolve and meet the diverse needs of its members across the globe. He added:
“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…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.”
Apart from the CEO, WeWork Chairman and CEO of Softbank Group International (OTC: SFTBY) Marcelo Claure also made remarks on the new crypto payment method. Claire said that cryptocurrency is a major consideration in the work-space of the future and business. He added that digital assets serve as support in building a stronger global economy. Speaking further, he noted that WeWork is innovative and is on track to becoming a globally-focused business.
“WeWork’s ability to provide members with an additional convenient means of payment is hugely exciting. I am very pleased that WeWork is taking steps to recognize the value this technology can provide our current and future members,” continued Claure.
A report by The Wall Street Journal showed that WeWork has plans to go public later in the year. The report said that the company listing through a special acquisition company (SPAC) merger with BowX Acquisition Corp.