In brief
- Real estate company WeWork is now accepting payment in Bitcoin through crypto payments service BitPay.
- The company intends to hold any Bitcoin received rather than converting it into fiat currency.
Real estate company WeWork has become the latest in a string of companies to start accepting Bitcoin and other cryptocurrencies through crypto payments provider BitPay. It will now let its customers pay for co-working spaces or fixed offices in cryptocurrency, according to a press release.
Crypto exchange Coinbase will be the first customer to pay for its WeWork membership. The exchange went public last week via a direct listing, temporarily hitting a valuation of $100 billion.
WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX) and other cryptocurrencies. Like EV manufacturer Tesla, which recently announced that it would accept payment for its products in Bitcoin, WeWork is electing to hold the cryptocurrency on its balance sheet rather than have the crypto payments converted to fiat money at the point of sale.
“When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation,” said WeWork chairman Marcelo Claure.
The co-working space said that it will pay landlord and third party partners using cryptocurrencies. It will pay them through Coinbase.
Multiple other companies have announced BitPay integrations in recent weeks. These include The Bobby Hotel, a boutique hotel in Nashville, and Acker, America’s oldest wine shop.