WeWork, a flexible shared workspace provider, has announced that it will integrate bitcoin transactions and hold BTC on its balance sheet through a partnership with cryptocurrency exchange and custody provider Coinbase as well as bitcoin payments processor BitPay.
Coinbase also has the distinction of being the first WeWork client to pay its fees in cryptocurrency, per the announcement.
“Through BitPay … WeWork will accept bitcoin (BTC) … and several other cryptocurrencies as payment for its offerings,” according to the announcement. “WeWork will also hold the currency on its balance sheet. The company will pay landlords and third party partners in cryptocurrencies where applicable through Coinbase.”
The announcement did not clarify exactly which “currency” would be held on WeWork’s balance sheet, but it’s clear that similar institutions see bitcoin as the best treasury asset.
WeWork has a $9 billion public listing planned, and this foray into cryptocurrency is likely seen as a boost to its value by its stakeholders.
“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,” WeWork’s CEO, Sandeep Mathrani, said in the announcement.
This view was corroborated by WeWork chairman and CEO of Softbank Group International, Marcelo Claure:
“Cryptocurrency helps build a stronger global economy and WeWork’s announcement demonstrates the company’s commitment not only to innovation, but also to being a globally-focused business,” Claure said in the announcement.
WeWork, a New York-based company founded in 2010, appears to be joining the likes of Tesla as a major company to not only hold bitcoin on its balance sheet, but also accept payment in the leading cryptocurrency asset.