- WeWork is partnering with Coinbase to begin accepting digital currencies as payment.
- Coinbase, which became a WeWork member in 2018, will pay for its services via cryptocurrency.
- WeWork will also hold crypto on its balance sheet and pay landlords and third-party providers with digital currencies whenever possible.
WeWork announced on Tuesday that it will begin accepting cryptocurrencies as a form of payment and plans to hold the digital assets on its balance sheet.
Specifically, WeWork plans to accept bitcoin, ethereum, USD Coin, paxos, and “several other cryptocurrencies” as payment for its services.
The shared workspace provider also said it will pay landlords and third-party partners in cryptocurrency whenever possible via Coinbase.
Coinbase, which became a WeWork member in 2018, plans to pay for its shared workspaces via cryptocurrency.
“WeWork’s strength is in our ability to evolve and best meet the diverse needs of our members around the world. 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.” Sandeep Mathrani, WeWork’s CEO, said of the deal.
“WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members,” the CEO added.
WeWork filed to go public back in 2019 but failed to do so as it faced intense scrutiny of its finances with losses mounting.
The company’s co-founder and former CEO, Adam Neumann, was also in the hot seat for inappropriate behavior during his tenure that included smoking weed on a private jet, serving employees tequila shots after discussing layoffs, and trademarking the term “We” for $5.9 million.
SoftBank, WeWork’s biggest investor, took control of the company on October 22, 2019, and gave Neumann $1.7 billion to step down.
WeWork continues to post losses despite management changes and layoffs at the firm. The company lost $3.2 billion in 2020 but has still been pushing to go public.
In March, WeWork was rumored to be looking at a potential merger with BowX, a special purpose acquisition company (SPAC), which counts Shaquille O’Neal among its advisors.
WeWork’s CEO said in January that, despite billions in losses in previous years, he believes his company will be profitable by the end of 2021.