09.12.2021

WeWork coworking network starts accepting bitcoins and other cryptocurrencies

The American coworking and office network WeWork is yet another organization that has begun accepting bitcoins and other cryptocurrencies as payment for its services.

The company will do this through the BitPay crypto payment provider. According to a fresh press release, WeWork will now allow customers to pay for coworking spaces or fixed offices in blockchain coins. Let’s talk about the situation in more detail.

Cryptocurrencies this year began to be used for simple payment for goods and services much more often. First of all, Tesla is to thank for this, which launched the possibility of buying its cars for BTC. Now only US residents can do this, but by the end of the year the function will appear in other countries of the world.

That said, Coinbase will be the first WeWork customer to use the new payment method. It is its representatives who will pay for offices and space in cryptocurrency.

As a reminder, last week the largest American crypto exchange went public thanks to a direct listing, temporarily reaching a valuation of $ 100 billion. This means that now its shares can be purchased on the Nasdaq, and the very perception of the company and the blockchain asset industry among mass users has become much more serious. WeWork itself will benefit from this collaboration.

Where cryptocurrencies are used

WeWork will start accepting Bitcoin, Ethereum, USDC, Paxos and several other altcoins. It is important to note here that WeWork will keep the cryptocurrency on its balance sheet and not convert it to dollars. The event was commented on by WeWork Chairman Marcelo Klaure. Here is his line, quoted by Decrypt.

When we think about the workplace of the future and business, we should consider cryptocurrency as a central part of this concept.

This means that the expert believes that in the future, payment for services and goods in coins will become a much more popular phenomenon. Therefore, the company wants to be at the forefront of innovation and not pass by an excellent option to attract new customers. Still, for now, accepting BTC, ETH and other coins as a means of payment is the exception, not the rule.

WeWork representatives themselves will pay the landlord and third-party partners in crypto through Coinbase. This means that cooperation between companies in this case is mutually beneficial.

In addition to this, the cryptocurrency market is waiting for another positive news – the possibility of buying Bitcoin in the Venmo app with an audience of more than 77 million users. Recall that Venmo belongs to the PayPal payment platform, which integrated cryptocurrencies into its system last fall. Thanks to the new feature, Venmo users will be able to quickly buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash for a minimum amount of $ 1.

Here is a quote from the official announcement on this matter, in which company representatives reported what was happening.

Customers will be able to buy and sell cryptocurrency using funds from their Venmo balance or linked bank account / debit card. All transactions are managed directly in the Venmo app.

The rollout of the new feature will also include a set of training materials that the company says will “demystify” various misconceptions about cryptocurrencies. News about Venmo isn’t just important because of the platform’s size and rapid growth. Coin purchases are also likely to gain wider impact because Venmo encourages users to share their activities on the social network. In practice, this means that Venmo users will soon see messages like “Alina bought $ 50 in BTC” and so on. All of this will serve as good free advertising for digital assets.

Earlier news about PayPal’s work with crypto has led to a sharp rise in the price of Bitcoin, although it is unclear at this point if Venmo will affect the market in a similar way. However, the market is now showing a confident recovery. This is especially true for cryptocurrencies other than BTC.

We believe that WeWork’s decision to interact with cryptocurrencies will have a good impact on the company’s reputation. Nevertheless, even now, she is one of the first giants who began to accept coins for their services, that is, no one will doubt the company’s love for innovation.

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