One of the most prominent and controversial space-sharing companies around is looking to get into the business of facilitating cryptocurrency transactions by accepting crypto payments.
Reuters reports that WeWork, under the aegis of primary investor Softbank, is going to allow users to work with the Coinbase exchange to allow for incoming crypto payments.
“WeWork joins a clutch of high-profile firms that have dived into the digital currency space recently, including Tesla, Visa, and Bank of NY Mellon prompting the move away from the fringes of finance for crytocurrencies like Bitcoin,” writes an unnamed Reuters author.
With WeWork’s checkered past, some are surprised the firm is still standing. Since its beginnings a decade ago, Adam Neumann, the original face of WeWork, has been expunged from the company after his legacy of raising funds in a shady way. Now, years later, this corporate presence now looks a lot different than what started out as eco-friendly GreenDesk in the oughts.
Confusingly, WeWork is also poised to go public – again. A failed bid in 2019 was ultimately delayed, which is why you can see an empty ticker (WEWK) on some finance sites.
Now, after closing a blank-check deal, WeWork is reportedly ready to go public again with a projected valuation around $9 billion.
As for Coinbase, the exchange has also itself gone public recently as COIN, which means that in addition to using Coinbase as an exchange, those connected to WeWork could also buy not only entire Coinbase shares, but fractions of a share through a Coinbase token (also named COIN) available on exchanges including Binance.
If all of this makes your head spin, get ready – it’s a harbinger of things to come. The cryptocurrency world is evolving, but it’s also interconnecting in profound ways. Exchanges are cooperating and collaborating to build ecosystems, rather than constructing their own walled gardens and going to war over market share.
Take all of this into account as you pursue your cryptocurrency strategy.
