WeWork, a major US company that provides coworking space, announced on the 16th that digital banking app Revolut has signed a new space contract and paid the office space for 300 employees via Bitcoin.
The employees will work in a WeWork 6900 Dallas Parkway in Dallas, its largest office in the United States.
Revolut is a next-generation fintech app developed in the UK in 2015 with a valuation of $33 billion.
In a conversation with The Block, a spokesperson from Revolut explained the reasoning behind the mode of payment. They said:
“We are a strong believer in crypto having real-life use cases in the future of payments. The advantage of paying in crypto is the ability to make nearly instant payments without middlemen who charge large international remittance fees.”
Revolut does not currently offer users the ability to use cryptocurrencies to pay for goods and services but has also indicated that they are working towards a future where cryptocurrencies are used on a daily basis.
Regarding the execution of the contract, the spokesperson revealed they sent WeWork a mutually agreed amount of Bitcoin equivalent to the dollar value for lease payment.
They added that since the company is experienced in cryptocurrencies and has a trading desk that trades millions of dollars worth of cryptocurrencies per day, they were easily able to purchase the required amount of crypto to execute the deal.
Revolut has not disclosed the crypto exchange it worked with. Meanwhile, WeWork announced in April that it would start accepting payments in crypto, and reported that it had partnered with Coinbase and BitPay for the execution of transactions.
WeWork’s Global Head of Financial Services Sales Nick Giraudeau said in a statement:
“Flexibility is essential for growing companies, and by supporting transactions in cryptocurrency, we can offer choice and convenience while supporting Revolut’s innovative business.”