WeWork begins accepting cryptocurrency as a payment method Coinbase becomes the first member company to accept cryptocurrency payments at WeWork

April 20, 2021, 7:30 AM EDT

NEW YORK--(BUSINESS WIRE)--WeWork, a leading flexible space provider, announced that it will begin serving the new economy by accepting payments in select cryptocurrencies. In partnership with BitPay and Coinbase, the company will expand its flexibility offering by using cryptocurrencies for inbound and outbound transactions.

WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX) and several other cryptocurrencies as payment for its products through cryptocurrency payment service provider BitPay. WeWork will also hold the currency on its balance sheet. The company will pay landlords and third-party partners in cryptocurrency through CoWorkbase, WeWork members and the largest cryptocurrency exchange in the United States.

Additionally, Coinbase will become the first WeWork member to pay for its WeWork membership using cryptocurrency. As a leader in the fintech space, Coinbase’s decision to pay WeWork in cryptocurrency demonstrates the growing demand for flexible and easy-to-use payment methods.

Understanding the growing demand for optionality and convenience, WeWork has accelerated its focus on flexibility leveraging technology to take flexibility 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 choose when, where and how they work.

Sandeep Mathrani, CEO of WeWork, said: “WeWork’s strength lies in our ability to evolve and scale to best meet the diverse needs of our members around the world. As our membership in the fintech space continues to grow, so will our ability to adapt to their needs and serve the new economy. WeWork has always been at the forefront of innovative technology, finding new ways to support our members. It only makes sense for us to expand the options we offer by adding cryptocurrency as an accepted payment method for our members.”

Marcelo Claure, Chairman of WeWork and CEO of SoftBank Group International, said: “As we think about the future of workplace and business, we must consider cryptocurrency as a core part of this conversation. Cryptocurrency helps build a stronger global economy, and WeWork’s announcement demonstrates the company’s commitment not only to innovation, but also to becoming a global business. It’s very exciting for WeWork to be able to offer members additional convenient payment options, and I’m very pleased that WeWork is taking steps to recognize the value this technology can bring to our members now and in the future.”

Stephen Pair, CEO of BitPay, said: “At BitPay, we believe crypto is the future of fintech and payments, and our goal is to change the way businesses and people send, receive and store money. WeWork offers customers an innovative way to pay that is cheaper and easier than credit cards, and has created over $2 trillion in value for the community.”

about Us

WeWork was founded in 2010 with a vision to create an environment where people and companies come together to do their best work. Since opening our first office in New York City, we have grown into a global flexible space provider committed to delivering technology-driven flexible solutions, inspiring spaces and unparalleled community experiences. Today, we are reimagining how the workplace can help everyone from freelancers to Fortune 500 companies become more motivated, productive and connected.

About BitPay

Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to change the way businesses and people send, receive, and store money. Its business solutions eliminate fraudulent chargebacks, reduce payment processing costs, and enable borderless payments in cryptocurrencies, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, allowing them to convert digital assets into U.S. dollars for spending at thousands of businesses. The company has offices in North America, Europe, and South America, and has raised over $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth.

About Coinbase

Coinbase is building the cryptoeconomy - a more fair, accessible, efficient and transparent financial system powered by crypto. The company started in 2012 with a radical idea that anyone, anywhere should be able to easily and securely send and receive Bitcoin. Today, we provide a trusted and easy-to-use platform to access the broader cryptoeconomy.