WeWork starts accepting payment in select cryptocurrencies

Joanna Bourke
·2-min read
Offices firm WeWork has a number of sites in London (WeWork)
Offices firm WeWork has a number of sites in London (WeWork)

WeWork, the office sharing giant with 60 sites in London, has said it will start accepting payments in select cryptocurrencies.

The flexible space provider, which is planning a $9 billion US listing, said through BitPay, a cryptocurrency payment service provider, WeWork will accept Bitcoin, Ethereum, USD Coin , Paxos, and several other cryptocurrencies as payment for several of its offerings.

It could be used to pay for membership if firms want to. Coinbase, the cryptocurrency trading platform, will be the first WeWork member to pay for its membership using cryptocurrency.

The company, which is planning to list in New York through a Spac, a company set up for the one special purpose of buying, or investing in, another business, has hundreds of sites and typically membership is for private office space or per desk space.

WeWork added that it will also pay landlords and third party partners in cryptocurrencies, where they are happy to accept this, through Coinbase.

WeWork chief executive Sandeep Mathrani, said: “As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy.”

Marcelo Claure, the chairman of WeWork and boss of Softbank Group International, WeWork’s largest shareholder, said: “WeWork’s ability to provide members with an additional convenient means of payment is hugely exciting.”

WeWork was previously valued at $47 billion but doubts about the firm’s business model surfaced, and in 2019 it shelved plans for a New York float.

Plans for WeWork to become a publicly listed company were announced last month.

The announcement said Covid-19 has accelerated the demand for flexible workspace among organizations large and small, which “WeWork is uniquely positioned to serve on a global basis”.

It also said that since 2019 the firm has made significant progress towards transforming its business through a strategic plan that included exits of non-core businesses and other measures “which contributed to a dramatically improved cost structure”.

In the UK scores of office-based staff have worked from home since last March.

A number of bosses are expected to embrace more flexible working post-pandemic with a mixture of home and office working.

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