Finance

Revolut pays in bitcoin for new WeWork office space

Fintech firm Revolut is the first WeWork member company to sign for its latest new workspace in cryptocurrency.

The challenger bank will use bitcoin to rent its biggest office in the US, located in Dallas and housing more than 300 employees, according to a 16 September statement from the flexible office space magnate WeWork.

The news comes as Revolut seeks to crack the US market, with plans to launch a credit card for its American users, as revealed by Financial News last month.

In its statement, WeWork said that Revolut’s decision to use cryptocurrency “demonstrates its confidence in blockchain as well as the wider potential for cryptocurrency”.

READ Revolut plans 2021 credit card launch in bid to crack US market

In April, WeWork announced that it would allow members to pay for their fees and rent out desks using cryptocurrencies, saying they will accept bitcoin, ether, USD coin and paxos, among others.

“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,” said WeWork chief executive Sandeep Mathrani at the time. “It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”

Members will be able to pay through a partnership with crypto exchange Coinbase and payments platform BitPay, WeWork explained in April.

READ WeWork to accept crypto for membership fees and pay landlords in bitcoin

“Revolut is always looking to push the boundaries of innovation, be it in financial services or workplace experience,” said Rhebeckha D’Silva, Revolut’s global head of real estate, in a statement.

“We’re excited to continue on our rapid growth trajectory with an innovative partner like WeWork that affords us the flexibility to pay using cryptocurrency – a technology whose future we vehemently believe in – as Revolut expands in the US and around the world.”

Ron Oliveira, Revolut’s US chief executive, added that the fintech, which launched in the US in March 2020, would be growing its Dallas office through “hiring initiatives”.

READ Klarna takes up WeWork space for new London office in hybrid-working strategy

To contact the author of this story with feedback or news, email Bérengère Sim

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