WeWork to accept and hold crypto payments

Coworking space giant WeWork is the latest company to announce plans to keep cryptocurrencies on its balance sheet.

The commercial real estate company, owned by Softbank, announced its plans via a statement Tuesday. WeWork’s crypto balance will come from the company that adopts cryptocurrencies as a payment method.

According to the announcement, WeWork has partnered with crypto payment service platform BitPay to accept virtual currency payments for its workplaces.

WeWork will reportedly accept Bitcoin (BTC) as well as cryptocurrencies such as Ether (ETH) and stablecoins such as USD Coin (USD) and Paxos (PAX).

The company’s crypto acceptance also includes paying landlords and other partners with cryptocurrencies, as well as through a partnership with United States-based exchange Coinbase.

WeWork’s announcement also revealed that Coinbase will become the first WeWork tenant to pay for its services using cryptocurrencies.

For WeWork CEO Sandeep Mathrani, the decision to accept crypto payments ties in with the increased protection of the company by fintech startups. “It only makes sense for us to expand the capabilities we offer by adding cryptocurrency as an accepted form of payment for our members,” added Mathrani.

Softbank CEO and WeWork Chairman Marcelo Claure echoed Mathrani’s comments, adding:

“When thinking about the workplace of the future and business, we should consider cryptocurrency a central part of that conversation. Cryptocurrency is helping build a stronger global economy, and WeWork’s announcement demonstrates the company’s commitment to not only innovation, but also being a globally focused company. “

WeWork reportedly lost $ 3.2 billion in 2020 as the coronavirus pandemic caused a massive drop in capacity utilization. Losses recorded in 2020 followed a loss of $ 3.5 billion for 2019.

Indeed, WeWork’s 2019 losses were expected to contribute a significant portion of Softbank’s $ 12.5 billion loss, as reported by Cointelegraph in April 2020.