Workspace sharing platform WeWork is now accepting payment in cryptocurrencies. WeWork is backed by the Japanese MNC, SoftBank Group.
The flexible workspace provider will partner with BitPay and Coinbase to facilitate the inbound and outbound transactions. WeWork will also hold cryptocurrencies on its balance sheet. The company has posted $3.2 billion of losses in 2020.
Recently, WeWork has been accelerating its focus on utilizing technology to leverage its core flexibility. Last year, the firm digitized its real estate portfolio. It also released products WeWork On Demand and WeWork All Access, which enable members with greater flexibility in choosing their working space.
WeWork with BitPay
The company will utilize the services of BitPay, a cryptocurrency payment service in its crypto transactions. Through the partnership, they will be accepting Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), among other cryptocurrencies.
As cryptocurrency adoption increases, BitPay has been offering its payment services to a host of new clients. Also, this week, BitPay started working with Newegg. The online retailer introduced support for Dogecoin (DOGE) payments on its platform, which may have contributed to the coin’s boosting value.
Bitpay also began collaborating with another real estate enterprise. Kessler Collection recently announced it would be the first luxury hotel group to accept cryptocurrencies. BitPay is enabling payments in BTC, ETH, and DOGE.
Collaboration with Coinbase
Finally, WeWork will pay landlords and third-party partners in cryptocurrencies where applicable through Coinbase. Coinbase is also a WeWork member and the largest U.S. cryptocurrency trading platform. Additionally, Coinbase will become the first WeWork member to pay for its WeWork membership with cryptocurrency.
Coinbase has had a flurry of media coverage in the wake of its public listing on the Nasdaq last week. Within the first few minutes, the stock’s price rose as high as $429, putting the company’s value at over $100 billion. As is natural with an initial offering, early investors cashed in, selling off approximately $5 billion. Despite this initial sell-off, the stock is still performing well.
Analysts have hailed the public listing as a landmark moment for the market.