WeWork has announced that it will now accept cryptocurrencies for payments. The Cryptocurrencies that will be accepted for a start are: Bitcoin, Ethereum, USDC, and PAX.
The company also added that all four accepted coins/tokens will not be converted to fiat on receipt of payment. Rather, they will be held on its balance sheet.
WeWork stated that it partnered with Bitpay to make this new development possible. Bitpay will be the platform that will help the company process all of its crypto transactions.
The CEO of WeWork, Sandeep Mathrani mentioned that the purpose of adding cryptocurrencies as a payment option is to support its members and to ensure that more options are available for their members. According to him, customer satisfaction has always been one of the priorities of WeWork.
The announcement makes them the second company to hold crypto on its balance sheet and also accept it as a means of payment. The first is leading electric carmaker, Tesla, who holds the leading crypto asset on its balance sheet and also accepts it as a payment method for its cars.
It is important to note that several big companies who hold Bitcoin on their balance sheet, mostly, don’t accept the digital coin and others as a means of payment.
WeWork is widely known for its investment in Real Estate. They are also known for actively embracing innovation. The recent adjustment to accept crypto is a positive step in the right direction.