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WeWork Now Accepts Crypto Payments and Will Hold Crypto on Its Balance Sheet

It is official! The workspace sharing platform WeWork has started accepting payment in crypto! The company is backed by Japanese MNC, SoftBank Group.

The company is collaborating with BitPay and Coinbase in order to ease the inbound and outbound transactions. WeWork has also revealed that it will hold crypto on its balance sheet.

In 2020, WeWork registered losses of $3.2 billion but has started working on using technology in order to leverage its core flexibility. Also in 2020, the company digitized its real estate portfolio. By releasing products such as WeWork On Demand and WeWork All Access, members have gained better flexibility in how they choose their working space.

For crypto transactions, the firm will rely on the services of BitPay, which means they will accept Bitcoin, Ethereum, USD Coin, and Paxos, among several other cryptocurrencies.

BitPay itself has also started to expand – this week, it was announced that it started a partnership with Newegg, which saw the introduction of Dogecoin as a payment method. Several days ago, Kessler Collection also announced that it would become the first luxury hotel group that would accept crypto also via BitPay.

WeWork will pay landlords and third-party partners in crypto, when possible, via Coinbase. The company is a WeWork member and the biggest crypto trading platform in the US. Furthermore, Coinbase is set to become the first WeWork member to pay for its WeWork membership using crypto.

Source: Beincrypto.com

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