WeWork Accepting Crypto as Form of Payment

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WeWork Accepting Crypto as Form of Payment

Office-sharing provider WeWork said Tuesday it is accepting some kinds of cryptocurrency as a form of payment.

The office-sharing provider will hold the cryptocurrency on its balance sheet and pay landlords and third-party partners in crypto

  • In its announcement, WeWork said Coinbase (NASDAQ: COIN) will be its first member company to use cryptocurrency as payment for its membership.
  • WeWork said it will also hold the currency on its balance sheet and pay landlords and third-party partners in cryptocurrencies using Coinbase.
  • The office space providing firm said it is accepting bitcoin (BTC, +0.38%) (BTC), ethereum (ETH, +5.5%) (ETH), USD coin (USDC (-0.01%)), paxos standard (PAX, -0.02%) (PAX) and several other cryptocurrencies as a form of payment through BitPay.
  • “WeWork is giving their customers an innovative payment option that is cheaper and easier than credit cards and taps a community valued at over $2 trillion,” said BitPay CEO Stephen Pair.
  • WeWork is planning to list in New York later this year through a special-purpose acquisition company (SPAC), merging with BowX Acquisition Corp, according to a Wall Street Journal report.
  • Last week, Coinbase, the biggest U.S. cryptocurrency exchange, started trading on the Nasdaq following a direct listing of shares.

By Tanzeel Akhtar, Coindesk