According to a WeWork press release published on 20 April, through a partnership with BitPay the company will now accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment.
WeWork will hold cryptocurrencies on its balance sheet and use them to pay landlords and third-party partners where applicable. The company said these types of payments will be settled through Coinbase, which became a WeWork member in 2018. Coinbase will also become the first company to use cryptocurrencies 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,” the company said in the release.
Sandeep Mathrani, the CEO of WeWork, said that adding cryptocurrencies as an accepted form of payment “made sense” for the company as it searches for new ways to support its members. Stephen Pair, the CEO of BitPay, said that supporting cryptocurrency payments will open up WeWork to a community valued at over $2 trillion.
WeWork is planning to list in New York through a merger with a special-purpose acquisition company (SPAC) called BowX Acquisition Corp. later this year. The Securities And Exchange Commission’s (SEC) rules for SPACs are looser than those for initial public offerings (IPOs), making it a more viable alternative for WeWork. SoftBank, WeWork’s largest outside shareholder, delayed the company’s 2019 IPO in response to increased investor scrutiny.