Shared workspace provider WeWork is set to begin accepting payment in select cryptocurrencies in a partnership with bitcoin payment processor BitPay. The company will also partner Coinbase to pay landlords and third party partners in cryptocurrencies where applicable.
The partnerships with BitPay and Coinbase will expand WeWork’s flexibility by utilizing cryptocurrency for inbound and outbound transactions. WeWork will also hold crptocurrencies on its balance sheet.
The SoftBank-owned company will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment for its commercial real estate offerings. BitPay will process all cryptocurrency payments.
Coinbase, a WeWork member and the largest U.S. cryptocurrency trading platform, will be the first member to use cryptocurrency to pay for its WeWork membership.
New York-based WeWork has accelerated its focus on leveraging technology to take flexibility to the next level based on the growing demand for options and convenience from its members, most of who are in the fintech sector.
WeWork digitized its real estate portfolio with the release of its WeWork On Demand and WeWork All Access products in 2020. It enabled its members to when, where, and how they work.
Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. In July 2018, BitPay had become the first blockchain payment processor and the first non-exchange to secure a BitLicense from the New York Department of Financial Services (NYDFS).
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