Simply put, WeWork is an office-sharing and rental business. It is a commercial real estate firm based in the United States that offers open, collaborative workspaces for young entrepreneurs and technology start-ups, as well as services to various other businesses. WeWork creates physical and interactive shared environments, as well as workplace facilities for developers and businesses alike.
WeWork made headlines when it announced that BTC can now be used to pay for the services provided. Many have considered this as a move towards ensuring that WeWork stays relevant in today’s economy, as well as a decision to capitalize on the ever-increasing popularity of the cryptocurrency industry. In addition to Bitcoin, the firm will also be accepting payments in ETH, Paxos, and USD Coin, among others.
‘Moving to crypto makes sense,’ according to CEO Mathrani
Sandeep Mathrani, the CEO of WeWork, believes that the firm has always been able to adapt to the requirements of its customers. As the fin-tech user base grows ever larger, Mathrani believes that the time was right to make the jump to crypto.
In an official statement, Mathrani claimed, “WeWork and the implementation of the latest technologies have always gone hand in hand. Coming up with new and innovative ways to help our customers has always been our primary focus, and so it would make all the sense for the firm to further expand its ability to provide the best service to its members by adopting cryptocurrency as an option for payment”.
The aforementioned service, in addition to paying suppliers as well as landlords in crypto, is all made possible due to BitPay. BitPay is well-known and reputed for being able to offer ‘off-chain’ or layer two solutions. Stephen Pair, the CEO of BitPay, stated that his company would strive to work hard to ensure that cryptocurrency is made readily available to as many businesses and individuals as possible in an effort to improve the way payments and storage of money are handled in this day and age. To this end, BitPay also claims that layer two solutions will be able to assist in this regard due to the ability to successfully utilize ‘old tech.’
BTC payment option temporarily removed by Tesla
The news revolving around WeWork came around the same time as Tesla temporarily closing down the option to pay in Bitcoin. This was due to a number of reasons, such as inconsistencies with converting BTC to USD and vice versa, as well as the slow TPS (Transactions Per Second) on the layer.
Still, cryptocurrencies are not going anywhere any time soon. However, companies and firms such as Tesla and WeWork will need to continuously work on how to best manage payments made in crypto due to the extremely volatile and unpredictable nature of the industry.