Softbank-Backed Wework Adopts Crypto as Form of Payment and Holds in Balance Sheet

Wework, a global provider of space services, has announced that it now accepts payments in certain cryptocurrencies. The company has partnered with Bitpay and Coinbase for inbound and outbound transactions. Moreover, Softbank said it would keep the currency on its balance sheet.

Dives into crypto

Wework announced several cryptocurrency initiatives on Tuesday. The company provides an environment for individuals and businesses, from the self-employed to Fortune 500 companies. With more than 800 offices in over 150 cities worldwide, Wework claims to be the world’s largest space provider. Japanese international conglomerate Softbank Group Corp. (9984.T) holds a majority stake in the company.

Wework said Tuesday in an announcement that it now accepts payment in certain cryptocurrencies. The company will also use cryptocurrencies for inbound and outbound transactions, in partnership with Bitpay and Coinbase. It will also keep cryptocurrencies on its balance sheet, joining a growing list of companies that do so, including Elon Musk’s Tesla, Jack Dorsey’s Square and Michael Saylor’s Microstrategy.

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Through Bitpay, a cryptocurrency payment service provider, Wework will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX) and several other cryptocurrencies as payment for its offerings. There will also be a currency in the Wework balance.

The company will pay owners and third-party partners in cryptocurrencies, if applicable, through Coinbase, a member of Wework and the largest cryptocurrency exchange platform in the US, the announcement continued.

Additionally, Wework reports that Coinbase has become the first company to pay for cryptocurrency memberships.

CEO Sandeep Matrani said: Wework has always been at the forefront of innovative technology and has found new ways to support our members. It makes sense for us to expand the options we offer by adding crypto-currencies as an accepted payment method for our members.

Marcelo Claure, CEO and President of Wework Group International, explains:

Cryptocurrencies are helping to build a stronger global economy, and Wework’s announcement shows the company’s commitment not only to innovation, but also to global commerce.

What do you think about Wework getting into cryptocurrencies? Let us know your comments in the section below.

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