WeWork Adds Crypto Payment Option To Its Platform

The popular office space leasing company announced that it would support crypto payments and keep the digital asset in its balance sheets. Digital asset adoption is going global as many businesses have added cryptocurrency as an alternative payment method, and this shows the usability of the coins outside the blockchain industry.

The business leases working space for numerous firms, and it plans to be a part of the blockchain industry by keeping cryptocurrencies in its treasury. The public got to know this new information on Tuesday as the firm officially announced its upcoming plans. The cryptos received as payments would make up WeWork’s digital asset portfolio.

BitPay to collaborate with WeWork for crypto payments

The coworking firm’s new partnership with a crypto-based firm, BitPay, would facilitate and support the receiving of digital assets. BitPay has been having numerous projects and has been collaborating with many mainstream companies to accept cryptos. The digital asset industry grows at an astonishing rate and has attracted numerous investors globally, making it a suitable alternative payment method.

BitPay will facilitate the crypto-fiat process by enabling the company to accept virtual currencies. The business explained that it would accept Bitcoin, Ethereum, United States stable coins, and Paxos. The firm is becoming more involved in the crypto industry as it plans to pay landlords and other facilitators in digital currencies.

WeWork would pay its partners through a new collaboration with one of the space’s biggest exchanges, Coinbase. Coinbase is well-known in North America, and it continues to grow dominant as its shares have attracted large investments from institutional buyers. Interestingly, Coinbase, one of WeWork’s tenants, would pay its rent through cryptocurrencies, promoting the coin’s usage.

The firm’s top executive, Sandeep Mathrani, explained some reasons behind the company’s plan to support crypto payments. He revealed that many startups are patronizing their services and that adding crypto payments would streamline the process.

WeWork CEO speaks on new decision

The CEO opined that it was necessary to add cryptocurrencies as an alternative payment method to enable customers to choose anyone suitable. The firm’s chairman has similar views as the Mathrani. Marcelo Claure is WeWork’s chairman, and he opined that cryptocurrencies are the future of businesses.

He added that the new development shows that WeWork supports innovation while helping to build a greater economy. The business has numerous customers from all parts of the country and has experienced slow business due to new COVID-19 protocols.

In 2020, during the heat of the pandemic, most countries mandated business to remain closed and workers to work from home. This made the office space leasing company lose billions as people were opting to work from home. Asides from recent losses, WeWork faced some financial problems in 2019 and lost around $3.5 billion.

Still, the business is coming out stronger as countries relax COVID-19 protocols, and businesses have returned to normal. WeWork was one out of millions of businesses that were significantly affected by the global pandemic. The recent addition of cryptos as a payment method would assure more patronage from new businesses.