The shared space giant WeWork is the latest company to announce plans to include cryptocurrencies on the balance sheet.
SoftBank-owned commercial real estate company announced its plans via a statement issued on Tuesday. WeWorks credit comes in cryptocurrencies from the company that adopts cryptocurrencies as a payment method.
According to the announcement, WeWork has entered into a partnership with the cryptocurrency payment platform BitPay to accept payments in digital currency for its operating regions.
WeWork is said to accept Bitcoin (BTC), Ether (ETH) and US dollar stablecoins (USDC) and Paxos (PAX).
The company’s cryptocurrency certification terminal also includes payment to landlords and other cryptocurrency partners, through a partnership with the US-based exchange platform Coinbase.
The WeWork announcement also revealed that Coinbase will be the first WeWork tenant to pay for cryptocurrency services.
For Sandeep Matheraney, CEO of WeWork, the decision to adopt cryptocurrency is linked to the company’s growing protection for fintech startups. “It only makes sense for us to expand the opportunity we offer by adding cryptocurrency as an acceptable payment method for our members,” Matherrany added.
SoftWank CEO and Chairman of the Board of WeWork thanked Marcelo Claire Motheranes for his comments and added:
“When we think about the workplace and the business of the future, we must consider cryptocurrency as an important part of the conversation. The cryptocurrency helps build a stronger global economy, and the announcement from WeWork demonstrates the company’s commitment not only to innovation, but also to being a globally focused company. ”
WeWork reportedly lost $ 3.2 billion in 2020, when the coronavirus pandemic caused a massive drop in occupancy. The losses in 2020 came after losing $ 3.5 billion for 2019.
In fact, WeWork’s loss in 2019 was estimated to be a large proportion of SoftBank’s loss of $ 12.5 billion, Cointelegraph reported in April 2020.