It has been reported that WeWork’s crypto balance sheet will come from the company adopting cryptocurrencies as a payment method.
However, WeWork has partnered with crypto payment service platform BitPay to accept digital currency payments for its workspaces, as it will reportedly accept Bitcoin (BTC), Ether (ETH), and stablecoins USD Coin (USDC) and Paxos (PAX).
The report said that the company’s crypto adoption drive also includes paying landlords and other partners with cryptocurrencies as well through a partnership with Coinbase. WeWork’s announcement also revealed that Coinbase will become the first WeWork tenant to pay for its services with cryptocurrencies.
Sandeep Mathrani, the CEO of WeWork, said that the decision to adopt crypto payments ties in with the company’s increased patronage by fintech startups.
“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.”
Likewise, Marcelo Claure, the CEO of SoftBank and chairman of WeWork, said:
“When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation. 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.”
As per the sources, WeWork lost $3.2 billion in 2020, as the coronavirus pandemic triggered a massive decline in occupancy rates. The losses posted in 2020 following a $3.5-billion loss for 2019.
Thus, WeWork’s losses for 2019 were projected to contribute a significant proportion of SoftBank’s $12.5-billion loss.