The company will utilise cryptocurrency for inbound and outbound transactions. Through BitPay, WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment for its products. BitPay offers blockchain payment processing, fraud chargebacks elimination, reduction of payment processing costs, and allows borderless payments in cryptocurrency. The company offers a digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card.
WeWork will hold the currency on its own balance sheet and plans to pay landlords and third party partners in cryptocurrencies where applicable through the crypto trading platform Coinbase. Coinbase will also be the first member to use cryptocurrency to pay for their WeWork membership. According to a WeWork representative, the company believes providing members with an additional means of payment is important for WeWork’s commitment to innovative technologies.