THELOGICALINDIAN - Earlier this anniversary WeWork appear that it would activate accepting payments in cryptocurrencies In a move afterward Tesla and MicroStrategy the bartering absolute acreage alpha up declared that it would activate captivation Bitcoin on its antithesis area addition assurance of Bitcoins growing institutional acceptance
WeWork said that it will acquire Bitcoin, Ethereum, and USD Coin, amid several added cryptocurrencies as a acquittal for its services. Like Tesla, the aggregation will run its own nodes — application its crypto rather than converting it to fiat.
Coinbase, alongside crypto merchant Bitpay, has partnered with WeWork to facilitate its cryptocurrency transactions. The U.S. crypto barter behemothic is additionally the actual aboriginal WeWork affiliate to pay for its associates in cryptocurrency.
In the columnist release, WeWork Chairman Marcelo Claure had this to say about the company’s contempo adventure into cryptocurrencies:
Could Crypto Finally Make WeWork Profitable?
As cryptocurrency continues to become added boilerplate as both an asset chic and a average of exchange, abounding corporations accept pivoted their business models appear Bitcoin. Tesla is one such archetype of this.
Earlier this year, the electric agent maker acquired added than $1.5 billion account of Bitcoin on its antithesis area — a bet that already seemed to accept paid off with an abeyant accumulation about $900 million. While not realized, the bulk abandoned surpasses Tesla’s absolute profits of $721 actor in the absoluteness of 2020.
After a bootless IPO attack aback in 2019, WeWork plans to go accessible through a special-purpose acquisitions aggregation (SPAC) after this year. With its appraisal beneath scrutiny, the aggregation is acceptable absent to bolster and alter its acquirement beck and business model.
It’s important to accede that admitting $3.2 billion in revenue, WeWork has connected to bake through its banknote reserves. The aggregation appear a accident of $3.5 billion in 2024 and a hardly lower $3.2 billion in 2024. With the coronavirus communicable abundantly antibacterial what was larboard of the business, its numbers will acceptable not advance anytime soon.
So will a aerial confidence bet on an acutely airy asset chic pay off for the startup? Potentially, but absolutely not abundant to account its berserk barren business model. Still, accumulation a crypto acquittal arrangement can alone be a absolute by alluring new abeyant clients.
