Why Revolut pays for WeWork membership in bitcoin

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Revolut announced that it used bitcoin to pay for the offices of 300 employees at a WeWork in Dallas, its largest office in the United States.

But why did the British neobank, which is valued at $ 33 billion, choose to use bitcoin in this way?

The answer is partly to save money and partly to underscore a commitment to crypto, according to a spokesperson for Revolut.

We strongly believe that crypto has real use cases in the future of payments. The advantage of paying in crypto is the ability to make almost instant payments without intermediaries who charge hefty international transfer fees, they said.

The spokesperson added that although Revolut does not currently allow its 15 million customers to pay for goods and services using crypto, it is working towards a future of daily use of crypto in payments. .

The fintech company has been offering cryptocurrency trading since 2017, but only allowed clients to transfer bitcoin out of the app and into personal wallets until May of this year. It also quickly added tokens, including Dogecoin, as part of a plan to ramp up its crypto business.

The why and the how

The Revoluts spokesperson also explained exactly how the company is executing the WeWork deal.

Revolut sent WeWork a mutually agreed upon amount of bitcoin equivalent to the dollar value of the Dallas rental payment. This is the first time the startup has paid a corporate bill in crypto.

Equipped with crypto expertise and a trading desk that trades millions of dollars of crypto per day for our crypto product, we were able to easily purchase the required amount of crypto at a good rate through our exchange partners, said the spokesperson.

Revolut has not disclosed which crypto exchanges it works with.

WeWork has announced that it will accept cryptocurrency as a payment method in April, with the aim of improving flexibility and optionality for members, according to a press release.

2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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