WeWork now accepts bitcoin for payments, will hold on balance sheet

Commercial real estate company WeWork now accepts bitcoin and other cryptocurrencies for payments.

Announcing the news on Tuesday, WeWork said it has partnered with BitPay, and will also accept ether and stablecoins USDC and PAX for payments.

Coinbase has become WeWork’s first client to pay in cryptocurrency. It is not clear which cryptocurrency Coinbase will pay. The Block has reached out to WeWork and will update this story should we hear back.

WeWork further said that it will also hold accepted cryptocurrency on its balance sheet, but it is unclear whether all four coins will be held in its treasury.

WeWork will also pay its landlords and third-party partners in cryptocurrencies through Coinbase.

"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," said WeWork CEO Sandeep Mathrani.

With the news, WeWork has become the second company after Tesla to accept payments in crypto as well as hold it on the balance sheet. As for only holding bitcoin on the balance sheet, several companies, including MicroStrategy and Square, do so.