WeWork accepts Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX) and various other cryptocurrencies as payment methods for customers. The company just announced this in a press release, stating that it has partnered with BitPay and Coinbase on the occasion.
WeWork network workspaces can therefore be rented without using an escrow currency (euros, dollars, etc.). The payment service provider BitPay is responsible for executing these transactions without converting them into fiat currency. Because WeWork states that it intends to invite digital tokens on its own balance sheet.
This would mean more “flexibility” for the community of workers renting their space in the various WeWork premises. However, it is out of the question to reserve cryptocurrencies only for customers: With the Coinbase application, the landlord of workspaces would like to offer the owners of premises and other providers the option of paying in cryptocurrency.
“When we think of the workplace and the business of the future, we have to consider cryptocurrency as a central element. This is helping to build a stronger global economy, and the WeWork announcement shows our commitment not only to innovation but also as a global company, ”said Marcelo Claure, President and CEO of WeBork, SoftBank.
WeWork joins Tesla and MicroStrategy
The bet is therefore totally on cryptocurrencies. Because WeWork is starting to expose itself to the volatility of their prices. It could have been limited to simple transactions involving the conversion of cryptocurrencies to a local currency, but decided to include digital assets on its balance sheet and allow vendors to pay in digital currency as well.
WeWork is slowly recovering from its setbacks in 2019. At the end of March, the company had again planned to go public (this time using the method of a SPAC). The valuation is estimated at $ 9 billion (far from the $ 50 billion in 2019). Cryptocurrencies are a game of chance with strong leverage, but not without risk. The strategy is similar to that of Tesla, which has been offering its customers to buy their car in Bitcoins for several weeks.
In addition, WeWork did not choose to buy Bitcoin directly, as announced by Tesla and the MicroStrategy company. As a reminder, Tesla has more than 31,000 loans and MicroStrategy has increased its investments to more than 91,500. However, WeWork will last longer when its customers turn to this payment method.