WeWork and PayPal’s Venmo set foot in crypto space
Now that big companies like Tesla, PayPal and Visa have started to get involved in cryptocurrencies, we are seeing an ever-increasing influx of other companies looking to get a piece of the pie as well. Meanwhile, US real estate company WeWork, like Tesla, has started accepting crypto payments and will also keep this crypto on their balance sheet. Furthermore, Venmo, a payment app owned by PayPal, has enabled trading cryptocurrencies on its platform.
According to the announcement, WeWork has partnered with crypto payment services platform BitPay to accept digital currency payments for its workspaces. WeWork will reportedly accept Bitcoin (BTC), Ether (ETH) and the stablecoins USD Coin (USDC) and Paxos (PAX). The company's crypto plan also includes paying landlords and other partners with cryptocurrencies through a partnership with US-based exchange Coinbase. WeWork's announcement also revealed that Coinbase will become WeWork's first tenant to pay for its services with cryptocurrencies.
For WeWork CEO Sandeep Mathrani, the decision to accept crypto payments aligns with the company's increased patronage by fintech startups. "It only makes sense for us to expand the optionality we offer by adding cryptocurrency as an accepted form of payment for our members," Mathrani added.
SoftBank CEO and WeWork chairman Marcelo Claure concurred with Mathrani's comments, adding:
"When we think about the workplace of the future and business, we need to consider cryptocurrency as a central part of that conversation. Cryptocurrency is helping to build a stronger global economy, and WeWork's announcement shows the company's commitment not only to innovation but also to being a globally focused company."
As of Tuesday, more than 70 million Venmo customers can buy, hold and sell cryptocurrencies directly in the Venmo app. The launch provides users with access to in-app guides to help them better navigate the cryptocurrency trading world and will encourage them to share their cryptocurrency experiences through the Venmo feed.
Venmo users will be able to buy from $1 worth all cryptocurrency and can use either fund from their Venmo balance or from a linked bank account to buy and sell their holdings.
More than 30% of Venmo customers have already started buying cryptocurrency or stocks, according to the company's 2020 customer behaviour survey. Of these, 20% started their purchase during the COVID-19 pandemic, suggesting that the public health and simultaneous economic crisis has accelerated trends in digitization and experimentation with new financial technologies.
Support for cryptocurrency on Venmo is facilitated by a partnership with Paxos Trust Company, a regulated provider of crypto products such as its stablecoin and other services. Venmo owner PayPal is also the holder of a conditional Bit license from the demanding New York State Department of Financial Services. Conditional licensees, such as PayPal, are required to partner with companies that already have full licenses - as in this case, Paxos.
WeWork
The commercial real estate company, owned by SoftBank, announced its plans Tuesday via a statement. WeWork's crypto balance sheet will come from the company's adoption of cryptocurrencies as a payment method.According to the announcement, WeWork has partnered with crypto payment services platform BitPay to accept digital currency payments for its workspaces. WeWork will reportedly accept Bitcoin (BTC), Ether (ETH) and the stablecoins USD Coin (USDC) and Paxos (PAX). The company's crypto plan also includes paying landlords and other partners with cryptocurrencies through a partnership with US-based exchange Coinbase. WeWork's announcement also revealed that Coinbase will become WeWork's first tenant to pay for its services with cryptocurrencies.
For WeWork CEO Sandeep Mathrani, the decision to accept crypto payments aligns with the company's increased patronage by fintech startups. "It only makes sense for us to expand the optionality we offer by adding cryptocurrency as an accepted form of payment for our members," Mathrani added.
SoftBank CEO and WeWork chairman Marcelo Claure concurred with Mathrani's comments, adding:
"When we think about the workplace of the future and business, we need to consider cryptocurrency as a central part of that conversation. Cryptocurrency is helping to build a stronger global economy, and WeWork's announcement shows the company's commitment not only to innovation but also to being a globally focused company."
Venmo
Payment app Square made headlines when it integrated Bitcoin trading into its mobile platform during the crypto bull market of winter 2017. Now rival payments firm Venmo, owned by PayPal, is following suit by launching cryptocurrency trading for four major coins: Bitcoin (BTC), Ether (ETH), Litceoin (LTC) and Bitcoin Cash (BCH).As of Tuesday, more than 70 million Venmo customers can buy, hold and sell cryptocurrencies directly in the Venmo app. The launch provides users with access to in-app guides to help them better navigate the cryptocurrency trading world and will encourage them to share their cryptocurrency experiences through the Venmo feed.
Venmo users will be able to buy from $1 worth all cryptocurrency and can use either fund from their Venmo balance or from a linked bank account to buy and sell their holdings.
More than 30% of Venmo customers have already started buying cryptocurrency or stocks, according to the company's 2020 customer behaviour survey. Of these, 20% started their purchase during the COVID-19 pandemic, suggesting that the public health and simultaneous economic crisis has accelerated trends in digitization and experimentation with new financial technologies.
Support for cryptocurrency on Venmo is facilitated by a partnership with Paxos Trust Company, a regulated provider of crypto products such as its stablecoin and other services. Venmo owner PayPal is also the holder of a conditional Bit license from the demanding New York State Department of Financial Services. Conditional licensees, such as PayPal, are required to partner with companies that already have full licenses - as in this case, Paxos.