WeWork will accept crypto as payment and hold digital currency on its balance sheet

WeWork will accept crypto as payment and hold digital currency on its balance sheet

WeWork announced on Tuesday that it will begin accepting cryptocurrencies as a form of payment and plans to hold the digital assets on its balance sheet.

Specifically, WeWork plans to accept bitcoin, ethereum, USD Coin, paxos, and "several other cryptocurrencies" as payment for its services.

The shared workspace provider also said it will pay landlords and third-party partners in cryptocurrency whenever possible via Coinbase.

Coinbase is set to become a WeWork member as a part of the deal and plans to pay for its shared workspaces via cryptocurrency.

"WeWork's strength is in our ability to evolve and best meet the diverse needs of our members around the world. As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy." Sandeep Mathrani, WeWork's CEO, said of the deal.

"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," the CEO added.

WeWork filed to go public back in 2019 but failed to do so as it faced intense scrutiny of its