WeWork have recently announced that they will start accepting select cryptocurrenices as a way of paying membership fees.
The serviced office provider, which has 60 sites in London, will give companies the option of using crypto for both making and receiving payments. Coinbase will be the first WeWork member to accept the offer.
WeWork added that it will also pay landlords and third party partners in cryptocurrencies, where they are happy to receive it, through Coinbase.
It will be interesting to see how this works in practice and whether many landlords take up WeWork's offer of paying in such a way. Further, query what will happen if WeWork or one of its occupiers fall into arrears? Will the payee be bound to accept any such arrears in crypto only or can they then request standard currency? What happens if there is a guarantor to pursue? What will happen where there is a rent review?
Is this also the start of a new way of payment, particularly perhaps amongst fintech tenants? Would you agree to pay/accept rent in cryptocurrency?
WeWork chief executive Sandeep Mathrani, said: “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.” Marcelo Claure, the chairman of WeWork and boss of Softbank Group International, WeWork’s largest shareholder, said: “WeWork’s ability to provide members with an additional convenient means of payment is hugely exciting.”
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