WeWork to Accept Bitcoin, Ether, USDC, & PAX as Payment & HODL Them on Balance Sheet

WeWork is the latest company to start accepting cryptocurrencies as a form of payment.

In partnership with payment processor BitPay and cryptocurrency exchange Coinbase, the office-sharing startup will be accepting selected cryptos — Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX) among several unnamed ones. BTC 0.29% Bitcoin / USD BTCUSD $ 28,982.97
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Coinbase will also be the first WeWork member to use cryptocurrency to pay for its WeWork membership.

“It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”

Sandeep Mathrani WeWork CEO

With this move, WeWork joins the likes of Tesla and Visa. Earlier in the day, PayPal-owned peer-to-peer payment service Venmo said it now allows its users to buy, hold and sell cryptos on its app.

Besides receiving payment in crypto, WeWork will also pay landlords and third-party partners in cryptocurrencies.

The company said it would also hold the crypto assets on its balance sheet in its official announcement.

“Cryptocurrency helps build a stronger global economy, and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally-focused business.”

Marcelo Claure WeWork Chairman and Softbank Group International CEO

SoftBank Group Corp. holds a majority stake in the company.

Late last month, WeWork had announced that it would go public through a merger with a blank-check firm (SPACs) in a deal that values the start-up at $9 billion.

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