Major American co-working space WeWork has collaborated with BitPay and Coinbase to accept payment in Bitcoin and other significant cryptos. Coinbase and BitPay will support the company with payment processing and crypto custody. WeWork will reportedly accept Bitcoin, Ether, and stablecoins USD Coin (USDC) and Paxos (PAX), and various other cryptocurrencies as payment for its services. Further, WeWork elaborated that it will also hold accepted crypto on its balance sheet. However, it is not clear if it will hold all four coins in its treasury.
Moreover, the company’s crypto adoption also involves paying landlords and other associates with cryptos and a partnership with the U.S.-based Coinbase exchange. WeWork has also allied with BitPay, a prominent crypto payment service provider, to accept payments. Coinbase, one of WeWork’s consumers, will be the first company to repay them in crypto. WeWork’s decision also unveiled that Coinbase would become the first WeWork tenant to compensate for its services with cryptocurrencies. The major U.S.-based exchange will also support WeWork in outbound payments of crypto. The company has followed Tesla, TIME, Caruso in allowing Bitcoin payments and holding the crypto on its balance sheet.
WeWork to go Public Via Direct Listing
Furthermore, Coinbase’s determination to pay WeWork in crypto illustrates the increasing demand for flexible and easy-to-employ payment options. Considering this surging demand for optionality and convenience, WeWork has stimulated its concentration on deploying technology to the next level. In 2020, WeWork digitized its real estate portfolio with the launch of its WeWork On Demand and WeWork All Access products, allowing members to decide when, where, and how they operate.
In August 2019, the company filed its IPO (initial public offering) with a market valuation ranging from $15 to $20 billion. Nevertheless, soon things went haywire for the firm after its CEO and founder Adam Neumann was expelled from the organization. Later, Softbank took over the company after its valuation dropped in half. After notable differences in its leadership in the last two years, the firm has now accepted an alternative route to go public. It will receive a direct listing on NASDAQ via a SPAC (special purpose acquisition company) merger at the initial estimate of $9 billion. The company intends to conclude the merger and listing process by September this year. WeWork is confident of strengthening its “flexible space” model in the post-Covid-19 economy, where businesses could offer work from positions to decrease operational costs.