WeWork partners with Coinbase and BitPay to accept crypto payments

Written by: Ali Raza
April 21, 2021
  • WeWork will use BitPay to accept cryptocurrencies while Coinbase used to pay third-party partners in cryptos.
  • WeWork says it wants to provide an exciting way for its members to transact with innovative payment options.
  • The company also released WeWork All Access and WeSork On-Demand digitalize its real estate portfolio.

Leading flexible space provider WeWork has announced it has partnered with crypto exchanges Coinbase and BitPay to start accepting crypto payments. The company will be offering crypto holders the opportunity to pay for services using several cryptocurrencies.

The company says it wants to expand its flexibility by accepting crypto assets for both inbound and outbound payments.

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Through BitPay, WeWork will be accepting Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Paxos (PAX).

The crypto assets will be kept on the balance sheet

WeWork will be keeping the cryptocurrencies on its balance sheet, and will also pay third-party partners in crypto assets through Coinbase, which is a WeWork member.

Also, WeWork has allowed Coinbase to become the first WeWork member to pay for its membership using crypto assets. According to the announcement, the decision to pay with cryptocurrency is a clear demonstration of the growing demand for more flexible and viable payment methods.

WeWork says it’s committed to leverage technology to improve scalability and flexibility within the industry. Last year, the company released WeWork All Access and WeSork On-Demand products in a bid to digitalize its real estate portfolio. This enabled its members to decide how, where, and when they want to work.

Innovative payment options

Sandeep Mathrani, chief executive officer of WeWork, commented on the development by stating that the goal of the company is to adapt to the needs of its members. He added,

WeWork has always been at the forefront of innovative technologies, finding new ways to support our members.

Mathrani says it’s the right thing to expand in the provision of more payment options and using cryptocurrency as an accepted form of payment for its members.

Stephen Pair, chief executive of BitPay, also commented on the partnership. He said the goal of BitPay is to transform how people and businesses send, receive, and store money. He added that WeWork is providing the opportunity to its members to have innovative payment options, and BitPay is excited to support this process.