WeWork will start accepting payment in cryptocurrencies and intends to hold the assets on its balance sheet, the office sharing giant announced Tuesday, a similar move to Elon Musk’s Tesla which in March said it would retain bitcoin used to purchase its cars and another signal of confidence as cryptocurrencies inch towards mainstream acceptance.
WeWork said it will accept Bitcoin, Ethereum, USD Coin, Paxos and several other cryptocurrencies as payment for its offerings, including memberships.
The company said it would retain any payments on its balance sheet—rather than converting it to another currency—and would look to pay landlords and partners in crypto if they are amenable.
Coinbase, the U.S.’ largest crypto exchange which went public last week, will be the first client to pay for its WeWork membership in cryptocurrency, the statement said.
WeWork chief executive Sandeep Mathrani, said the company needs to adapt to the needs of its growing membership in the fintech sector and to service this “new economy.”
Cryptocurrencies are becoming increasingly popular as a form of payment. Elon Musk’s Tesla, which also holds a sizable investment in the currency, attracted headlines when it announced it would accept bitcoin as payment for its cars. Venmo also announced it would support cryptocurrencies onTuesday, becoming the latest payment app to embrace them.
What To Watch For
WeWork, after a disastrous attempt at going public in 2019, is set to go public via SPAC, the company announced in March. It would be valued at $9 billion, a huge step down from its 2019 valuation of $47 billion after a round of private investment from SoftBank.