WeWork, a global real estate services provider, announced that Bitcoin and Ethereum will be accepted for payments in the future. The US-based company has partnered with BitPay and Coinbase to expand its payment network through cryptocurrency assets for inbound and outbound transactions.
According to the official announcement, the leading flexible space provider will accept several cryptocurrency assets including Bitcoin, Ethereum, USD Coin and Paxos. The company mentioned that it is planning to add Bitcoin and other cryptocurrencies to its balance sheet.
Digital exchange Coinbase will be the first company to pay its WeWork membership through cryptocurrency assets. WeWork highlighted the growing demand for digital currencies like Bitcoin and Ethereum.
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Commenting on the latest announcement, Sandeep Mathrani, CEO of WeWork, said: “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. 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.”
Bitcoin remained strong above the $1 trillion market cap despite the recent volatility in the crypto market. The world’s largest digital currency is trading near $55,000, which is up nearly 1% in the last 24 hours.
Bitcoin is gaining popularity among companies around the world as a payment method. Swiss insurance giant AXA Switzerland announced last week that the company’s private customers can now pay bills through Bitcoin. Last week, TIME magazine started accepting Bitcoin for payments and announced that the company will add BTC to its balance sheet. The recent stability in the price of BTC is playing a major role in Bitcoin’s institutional adoption.
The overall market cap of cryptocurrencies currently stands at around $2.05 trillion.