WeWork start-up, to start accepting payments in cryptocurrencies

CIOReviewIndia Team | Wednesday, 21 April 2021, 09:03 IST

WeWork start-up, to start accepting payments in cryptocurrenciesSoftBank-backed office-sharing startup WeWork stated it would begin accepting payments in select cryptocurrencies and associate with Coinbase Global Inc and payment app Bitpay to simplify transactions.

WeWork joins a clutch of high-profile firms that have dived into the digital currency space recently, including Tesla Inc, Visa Inc, Bank of NY Mellon, prompting the move away from the fringes of finance for crytocurrencies like bitcoin.

Visa Inc stated last month it would permit payment settlements using cryptocurrency while PayPal Holdings Inc launched a crypto checkout service on March 30.

Bitcoin, the biggest crytocurrency, reached a record high last week, ahead of the trading debut of U.S. crytocurrency exchange Coinbase, but its rally has since cooled off.

The multi-fold growth in the value of cryptocurrencies has also been determined by investors seeking high-yielding assets amid low interest rates.

Earlier in the day, PayPal-owned peer-to-peer payment service Venmo stated it had started allowing users to buy, hold and sell cryptocurrencies on its app.

WeWork agreed to go public late last month through a merger with a blank-check firm in a deal that values the start-up at $9 billion. SoftBank Group Corp stated it would retain a majority stake in the company after the merger.

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