The good news for believers in crypto is that every day now there appears to be some new form of endorsement from companies or institutions with massive platforms. This will always be massive for crypto as these movements represent the opportunity for mass adoption which will ultimately result in the price of crypto being a more stable asset.
It has now been reported that Coworking space giant WeWork is the latest company to announce plans to hold cryptocurrencies on its balance sheet. The company reportedly lost $3.2 billion dollars in revenue last year as the pandemic hit businesses hard and this followed significant losses that were also announced in 2019. This can maybe help explain why this company is more open to alternative methods of payment.
The company that is owned by SoftBank announced its plans via a statement on Tuesday.
WeWork’s crypto balance sheet will come from the company adopting cryptocurrencies as a payment method. The reports suggest that they will accept payment from Bitcoin, Ethereum, and stable coins USDC and PAX. This is what the SoftBank CEO and WeWork chairman Marcelo Claure had to say on the matter.
“When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation. Cryptocurrency helps build a stronger global economy, and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally focused business.”
We all know how strong the crypto community is and when a business announces such changes it can sometimes be seen as a cynical move to appeal to a new audience. Whatever the motive is though this should be considered as yet another positive step for the crypto markets.
