WeWork is dipping its toes into the crypto game as more companies start allowing the use of digital assets.
Let’s take a look at what WeWork has planned with its cryptocurrency offerings.
- WeWork has teamed up with BitPay and Coinbase (NASDAQ:COIN) to allow customers to make payments with cryptocurrencies.
- This actually has Coinbase acting as the first customer to pay for its workspace using crypto.
- This will have the company accepting several types of cryptos as payment methods.
- A few examples that it highlights are Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), USD Coin (CCC:USDC-USD), and Paxos (CCC:PAX-USD).
- However, it will also be accepting other cryptocurrencies than just these as forms of payment.
- The company says that it will also be holding cryptos on its balance sheet.
- This will allow it to make use of the cryptocurrencies to pay landlords and third-party partners.
WeWork CEO, Sandeep Mathrani, said this about the company’s crypto plans.
“WeWork’s strength is in our ability to evolve and best meet the diverse needs of our members around the world. 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. 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.”
WeWork isn’t currently a publicly-traded company but it does have plans to join the public market. It intends to use the special purpose acquisition company (SPAC) BowX Acquisition (NASDAQ:BOWX) to go public. This comes after a failed initial public offering (IPO) in 2019.
BOWX stock was down 3.3% as of Tuesday morning.
WeWork isn’t the only company in the news on its crypto efforts.
Others have also started accepting cryptocurrencies for various uses of late. That includes PayPal’s (NASDAQ:PYPL) Venmo, Visa (NYSE:V), Tesla (NASDAQ:TSLA), and others. Investors can catch up on that crypto news below.
More Crypto News
- Venmo Crypto Update: 15 Things to Know if You Want to Buy, Sell or Pay With Cryptocurrency
- 5 Companies That Are Now Embracing Bitcoin
- Tesla Buying Bitcoin Is Bullish for Both TSLA Stock & BTC
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.