Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Financial Firm Revolut is Paying WeWork Office Rent in Bitcoin
The fintech firm is the first WeWork member company to pay for its workspace in cryptocurrency. The financial technology firm is the largest of its kind in the UK. Also, the company gained $800 million in funding back in mid-2021.
The new office will house about 300 employees, making it the organization’s most prominent office space. The cryptocurrency-infused financial tech company is preparing for expansion in the US. It was for this reason that it acquired the new area.
Revolut Pays for Workspace in Cryptocurrency
Coinbase was the first corporate firm to pay WeWork in cryptocurrency. However, the British fintech organization is the first to use cryptocurrency to pay for office space in crypto. Revolut currently has employed more than 2,300 employees all over the world.
Revolut transfers the Bitcoin to WeWork, which then converts the digital currency into dollars. According to U.S. Revolut CEO Ronald Oliveira, some people look at it as a viable investment. However, the company says they consider it another form of currency.
The office will create a flexible workplace for its call center workers. According to Oliveira, the office will focus more on hosting conferences and collaboration more than pre-pandemic times.
Bitcoin Continues to Gain Corporate Adoption
In the recent past, Bitcoin has picked up mass adoption in the corporate world. For this reason, the UK-based financial technology firm Revolut does not want to remain behind. However, the company’s move is not a surprise. That is because WeWork had announced early this year that it would be accepting BTC payment options.
WeWork announced that Revolut is the first enterprise to pay for its workspace using Bitcoin. The British fintech’s collaboration with WeWork will also enable remodeling its offices in several cities. Among them are Dallas, Dublin, Melbourne, Singapore, New York, and Moscow as flexible workspaces.
WeWork Executive: Flexibility is Crucial for Growing Firms
Change is inevitable. About 80% of consumers find non-conventional payment options like self-service very attracting. Nonetheless, only 35% were able to access and use them for their purchases.
WeWork also states that it anticipates partnering in Real Estate with Revolut. WeWork is an American commercial real estate firm that appeared in 2010. It focuses on flexible open or shared work areas. Mainly, startup companies and other tech companies utilized their services in their early development stages.
However, the company has also faced its fair share of controversies. In November 2019, the company laid off close to 20% of its employees. That marked the third round of layoffs for the company since the SoftBank group created it.
Revolut says that its decision to use BTC to pay for the rental space shows its confidence in blockchain technology. Moreover, it also demonstrates tremendous potential for cryptocurrency. Revolut is Paying WeWork Office Rent in Bitcoin.