Coinbase becomes WeWork's first member company to pay in cryptocurrency
WeWork, the leading flexible space provider, has announced that it will begin servicing a new economy by now accepting payment in select cryptocurrencies. In partnership with BitPay and Coinbase, the company will expand its flexibility by utilizing cryptocurrency for inbound and outbound transactions.
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. WeWork will also hold the currency on its balance sheet. The company will pay landlords and third party partners in cryptocurrencies where applicable through Coinbase, a WeWork member and the largest U.S. cryptocurrency trading platform.
In addition, Coinbase will be the first WeWork member to use cryptocurrency to pay for its WeWork membership. As a leader in the fintech sector, Coinbase's decision to pay WeWork in cryptocurrency demonstrates the growing demand for flexible and easy-to-use payment options.
Understanding this growing demand for optionality and convenience, WeWork has accelerated its focus on leveraging technology to take flexibility to the next level. In 2020, WeWork digitized its real estate portfolio with the release of its WeWork On Demand and WeWork All Access products, enabling members to choose when, where, and how they work.