WeWork to Begin Accepting Cryptocurrency Payments, Plans to Keep Digital Currencies on its Balance Sheet

WeWork is all out on cryptocurrencies as it plans to begin accepting payments for its shared spaces in digital currencies.

According to the official announcement, the company noted it will begin servicing a new economy in which members, as well as landlords and third-party partners, can make payments or receive such virtual assets as Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX) and others.

WeWork is an American commercial real estate company that provides flexible shared workspaces for technology startups and services for other enterprises. The company has seen organic growth since its inception and its support for cryptocurrencies will help push the nascent asset class into the mainstream adoption era many believe is near.

“WeWork’s strength is in our ability to evolve and best meet the diverse needs of our members around the world. As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy. WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. 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,” said WeWork CEO, Sandeep Mathrani.

The new offering is in partnership with Bitpay, a cryptocurrency payment service provider, through whom the payments for WeWork’s offerings will be processed, and Coinbase Global Inc, a cryptocurrency exchange who amongst another will help facilitate payouts to the landlords registered with the company. WeWork plans to hold cryptocurrencies on its balance sheet, joining the likes of Chinese tech firm Meitu Inc amongst others.

As a member of the WeWork network, Coinbase has chosen to be the first to pay for its membership with the company in crypto, furthering leading the innovation in the industry.

Mainstream business outfits are all geared up about cryptocurrencies, and many are backing payments using digital assets across the board. Back in March, electric automaker, Tesla Inc announced customers can begin making payments for its cars using Bitcoin. Additionally, Paypal-owned Venmo recently launched support for digital currencies as reported by Blockchainjournal, and WeWork’s backing serves as a complement to the broader efforts to incorporate Bitcoin and altcoin payments on a global level.