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The coworking company is the most recent to recognise cryptocurrency as a suitable tool for its corporate treasury.
WeWork is the first company to announce plans to keep cryptocurrencies on its balance sheet.
The SoftBank-owned commercial real estate firm announced its plans via a statement on Tuesday. WeWork’s crypto balance sheet will come from the company adopting cryptocurrencies as a payment method.
WeWork has announced a partnership with crypto payment processing provider BitPay to allow digital currency payments for its workspaces.
According to reports, WeWork will support Bitcoin (BTC), Ether (ETH), and the stablecoins USD Coin (USDC) and Paxos (PAX).
Via a deal with the United States-based exchange Coinbase, the company’s blockchain adoption drive also involves paying landlords and other partners in cryptocurrencies.
WeWork has announced that Coinbase would be the first tenant to pay for its facilities with cryptocurrencies.
According to WeWork CEO Sandeep Mathrani, the decision to accept cryptocurrency payments is related to the company’s expanded patronage by fintech startups. “It only makes sense for us to expand on the flexibility we offer by accepting cryptocurrency as a form of payment for our members,” Mathrani said.
Marcelo Claure, CEO of SoftBank and chairman of WeWork, repeated Mathrani’s remarks, adding:
“When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation. Cryptocurrency helps build a stronger global economy, and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally focused business.”
WeWork reportedly lost $3.2 billion in 2020, as the coronavirus pandemic triggered a massive decline in occupancy rates. The losses posted in 2020 followed a $3.5-billion loss for 2019.
Indeed, WeWork’s losses in 2019 were expected to contribute a sizable portion of SoftBank’s $12.5 billion deficit, as reported by Cointelegraph in April 2020.