Why WeWork Partnered With Coinbase

Flexible shared workspace provider WeWork has announced it would accept payment in select cryptocurrencies, according to a press release.

What Happened:  The company, which is located in over 120 cities worldwide, has plans to “expand its flexibility” by utilizing cryptocurrency for inbound and outbound transactions.

The company also declared that it would hold cryptocurrency on its balance sheet, although it did not specify which digital assets would be a part of its cash reserve allocation.

In order to facilitate its acceptance of crypto as a means of payment, WeWork has partnered with crypto exchange Coinbase Global Inc COIN and bitcoin payment service provider BitPay.

Through BitPay, a cryptocurrency payment service provider, WeWork will accept Bitcoin BTC/USD, Ethereum ETH/USD, USD Coin USDC/USD, Paxos PAX/USD, and several other cryptocurrencies as payment for its offerings.

Incidentally, the announcement also confirmed that Coinbase would be the first WeWork member to use cryptocurrency as a means to pay for its membership.

Why It Matters: “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,” explained WeWork CEO Sandeep Mathrani.

According to the CEO of Softbank Group International, Marcelo Claure, cryptocurrency is a central part of conversations around the workplace of the future and business.

“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,” said Claure, who serves as Chairman at WeWork.

The news of WeWork’s acceptance of cryptocurrency comes just as PayPal Holdings Inc PYPL-owned Venmo said its users can now buy, sell and hold cryptocurrency through its app.