WeWork to accept cryptocurrency payments in partnership with BitPay

WeWork, a provider of flexible workspaces, will add support for cryptocurrency payments as part of a partnership with the processing service BitPay. Coinbase, the exchange, was the first participant.

In partnership with @BitPay and @coinbase, we will begin servicing a new economy by accepting payment in select cryptocurrencies. #wework https://t.co/d3bvYITLA4

— WeWork (@WeWork) April 20, 2021

The company will begin accepting bitcoin, Ethereum, USD Coin (USDC) and Paxos (PAX) stablecoins, as well as “some other” cryptocurrencies. It intends to hold the digital assets on its balance sheet.

Sandeep Mathrani, the head of the company, said the expansion of payment methods is aimed at meeting customers’ needs.

“When we think about the workspace and business of the future, we must regard cryptocurrencies as a central element of the discussion. Cryptocurrencies help create a stronger global economy,” said Marcelo Claure, chairman of WeWork.

The Block analyst Larry Cermak pointed to a “major shift in sentiment” among large companies. He said that in 2021, firms announcing crypto payments support were actually holding them on their balance sheets.

The big change we are seeing this year is that companies that are announcing crypto payments support are actually holding them on their balance sheet. Actually a big sentiment shift — first Tesla and now WeWork. pic.twitter.com/AgwYTEZXgp

— Larry Cermak (@lawmaster) April 20, 2021

Earlier, Elon Musk announced the start of sales of Tesla electric cars for Bitcoin in the United States. In February the company invested $1.5 billion in digital gold.

In April 2021, TIME magazine reached an agreement with asset manager Grayscale to produce a series of videos about the bitcoin industry paid in the first cryptocurrency. 

Subsequently, the publication added the ability to subscribe using digital assets.

Newegg began accepting Dogecoin via the BitPay processing service.

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