WeWork becomes the latest company to start accepting cryptocurrencies for payments. The SoftBank-backed real estate giant announced Tuesday that it will allow its clients to pay for offices and co-working spaces in cryptocurrency via the connection with BitPay.
WeWork Crypto Adoption
WeWork will accept bitcoin (quotation BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX) and other cryptocurrencies as a form of payment for its services. Additionally, WeWork chooses to keep the cryptocurrency on its balance sheet instead of instantly converting it into fiat money.
Coinbase, the San Francisco-based cryptocurrency exchange, will be the first WeWork customer to pay for their membership with cryptocurrencies. Additionally, WeWork has partnered with the exchange to make cryptocurrency payments to owners and other partners possible.
Institutions accept Bitcoin
WeWork joins Tesla, Time Magazine, Caruso and others in adding cryptocurrencies as a payment option and investment vehicle. Many other companies, including Jack Dorsey's Square and MicroStrategy, have added bitcoin to their balance sheets. Multi-billion dollar wealth manager BlackRock also began dabbling in cryptocurrencies in February and amassed over $ 350.000 in BTC.
According to Bitcointreasuries.org, over 40 publicly traded companies now hold around 1,4 billion BTC on their balance sheets. This amount represents approximately 6,5% of the total bitcoin supply and is equivalent to $ 78 billion.
Institutions' newfound interest in cryptocurrencies suggests that most of them fear being left behind as bitcoin sees a dizzying rally and increased adoption by famous corporations and tycoons.
PayPal extends cryptocurrency trading to its Venmo mobile app
Online payment giant PayPal has unveiled a new service that allows users to pay for goods and services around the world with cryptocurrency. The company is now poised to expand bitcoin purchases with new crypto features in its subsidiary Venmo app.
According to an announcement also on Tuesday, Venmo has launched cryptocurrency trading for bitcoin, Bitcoin Cash, Litecoin and Ethereum. Venmo's 70+ million users will be able to buy, sell or hold these cryptocurrencies directly on the app via the new feature called “Crypto on Venmo”. The rollout started today and will be available in the coming weeks.
Users will be able to buy and sell as little as $ 1 worth of cryptocurrency "using funds from their Venmo balance, or a linked bank account or debit card."
Venmo has also added in-app tutorials and guides that will help customers better understand bitcoin and other cryptocurrencies. Venmo's new crypto capabilities are not only important because of the app's vast customer base and exponential growth, but also because it will have a greater impact by encouraging users to share their cryptocurrency experiences.
Venmo will use Paxos to facilitate transactions. The New York-based company has been selected by PayPal as its liquidity provider.