The flexible space provider WeWork is the latest name to enter the cryptocurrency sector
The US-based commercial real estate company WeWork has confirmed its entry into crypto following an announcement it will be adding crypto to its balance sheets. The company also revealed partnerships with the NASDAQ-listed exchange Coinbase and BTC payment service provider BitPay saying the collaboration will help facilitate crypto transactions.
“Through BitPay, a cryptocurrency payment service provider, WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment for its offerings. WeWork will also hold the currency on its balance sheet,” Business Wire reported.
BitPay chief executive, Stephen Pair, welcomed the partnership in a statement, asserting that the provider intended to transform how individuals and companies made transactions. Pair added that crypto was the future and described the development as ‘an innovative payment option’ that will simplify things for the WeWork community.
WeWork set forth that Coinbase would be the first member company to complete payments in crypto. The global coworking corporation acknowledged the increasing need for better and simpler payment methods citing it as the reason behind the move. It now joins several other companies from different industries that have already introduced crypto on their books. Tesla and MicroStrategy are some of the big names to have previously accomplished it.
Furthermore, the company will settle the payments to associated third-parties using crypto where applicable as well as Coinbase.
Speaking about the decision to enter the crypto sector, the Chief Executive, Sandeep Mathrani, explained that it was in line with the firm’s objective of working together with other Fintech companies.
“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,” he said. “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.”
Several companies have been phased out in the past for failing to adapt to the changing times. The decision by the office-sharing and rental business to adopt crypto will, without doubt, help it remain relevant during this period.