Office provider We Work has joined hands with popular cryptocurrency exchange Coinbase and digital currency transaction processor Bit Pay so that it can now accept payments in digital assets like bitcoin.
We Work Is Joining the Ranks of PayPal and Tesla
The idea of bitcoin and other digital currencies being used as payment methods has been around for quite some time. In fact, BTC and many other crypto assets were designed for this purpose – to one day knock fiat currencies and credit cards to the side so that they can be used to buy goods and services. Unfortunately, this goal has not been fully realized after 12 years given that volatility and other price-related factors have often gotten in the way.
Bitcoin and other forms of crypto are known for being rather vulnerable to price swings. They go up and they go down – usually without much notice to traders. These spikes can be hard to anticipate, and in the case of drops, they can often do quite a bit of harm. Thus, many retailers and stores have been rather reluctant to accept digital currencies as forms of payment, and to a degree, we cannot really blame them.
Consider the following scenario. Let us say you walk into a store of some kind and you wind up buying approximately $50 worth of merchandise with bitcoin. By the end of the day, the price of BTC goes down. This causes your $50 payment to turn into $30. From there, you will walk away with all your merchandise not even aware of the situation.
However, if the store has not yet converted the payment into fiat, they will have lost $20 by that time. Sadly, this is not entirely fair for the company in question, and they stand to lose out.
However, as time has gone by, more and more companies are willing to accept BTC payments given how much the asset has spiked in recent days, and largescale firms such as PayPal and Tesla are now willing to accept BTC for products and services.
It looks like We Work is joining the ranks. The company is willing to accept BTC, Ethereum, USD Coin, Paxos and other stable coins as methods of payment. CEO of We Works Sandeep Mathrani explained in a statement:
We Work’s strength is our ability to evolve and best meet the diverse needs of our members around the world. As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy.
Allowing the Future to Arrive
CEO of Softbank Group International Marcelo Claure was confident in saying that crypto needs to be considered for the future of finance, claiming:
When we think about the workplace of the future, we have to consider cryptocurrency a central part of that conversation. Cryptocurrency helps build a stronger global economy.