Skip to main content

Softbank-Backed Wework Adopts Crypto as Form of Payment and Holds in Balance Sheet

Softbank-Backed Wework Adopts Crypto as Form of Payment and Holds in Treasury

Global space provider Wework has announced that it will now accept payment in select cryptocurrencies. The company has partnered with Bitpay and Coinbase for inbound and outbound transactions. In addition, the Softbank-backed company says it will also hold the currency on its balance sheet.

Wework Dives Into Crypto

Wework announced Tuesday several initiatives regarding cryptocurrencies. The company provides environments for individuals and businesses, from freelancers to Fortune 500 companies. With over 800 locations worldwide in more than 150 cities, Wework says it is the largest global space provider in the world. Japanese multinational conglomerate Softbank Group Corp. (9984.T) has a majority stake in the company.

In Tuesday’s announcement, Wework said that it is “now accepting payment in select cryptocurrencies.” The company will also utilize “cryptocurrency for inbound and outbound transactions” in partnership with Bitpay and Coinbase. Furthermore, it will keep cryptocurrencies on its balance sheet, joining a growing list of companies to do so, including Elon Musk’s Tesla, Jack Dorsey’s Square, and Michael Saylor’s Microstrategy.

The announcement details:

Through Bitpay, a cryptocurrency payment service provider, Wework will accept bitcoin (BTC), ethereum (ETH), USD coin (USDC), paxos (PAX), and several other cryptocurrencies as payment for its offerings. 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, a Wework member and the largest U.S. cryptocurrency trading platform,” the announcement continues.

Furthermore, Wework says that Coinbase has become its first member company to pay for membership in cryptocurrency.

Wework CEO Sandeep Mathrani opined: “Wework has always been at the forefront of innovative technologies, finding new ways to support our members. 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.”

Softbank Group International CEO and Wework Chairman Marcelo Claure commented:

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.

What do you think about Wework getting into crypto? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3xc2tMH
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more