Revolut will use bitcoin purchased from exchanges to pay for its WeWork membership in Dallas. The British fintech firm says the transfer underscores its belief in the future of crypto as a method of payment.
Revolut has introduced that it has used bitcoin to pay for workplace area for 300 workers in a WeWork in Dallas — its largest workplace in the USA.
However why has the British neobank, which is valued at a cool $33 billion, opted to use bitcoin on this way?
The purpose is to underscore a dedication to crypto, in keeping with a Revolut spokesperson, who additionally highlighted some great benefits of using bitcoin for sending money throughout borders.
“We’re a strong believer in crypto having real-life use circumstances in the way forward for funds. The advantage of paying in crypto is the ability to make almost instantaneous funds without middlemen who charge giant worldwide remittance charges,” they stated.
The spokesperson added that whereas Revolut doesn’t at the moment permit its 15 million customers to pay for items and providers using crypto, it’s “working in the direction of a way forward for on a regular basis use circumstances for crypto in funds.”
The fintech firm has been providing trading in cryptocurrencies since 2017, however didn’t permit prospects to switch bitcoin out of the app and into private wallets until May this year. It has additionally been quickly including tokens – including Dogecoin – as a part of a plan to ramp up its crypto actions.
The why and how
Revolut’s spokesperson additionally defined exactly how the corporate is executing the WeWork deal.
Revolut sent WeWork a mutually agreed amount of bitcoin equal to the dollar worth of the Dallas lease payment. It’s the first time the startup has paid a corporate invoice in crypto.
“Outfitted with crypto experience and a trading desk that trades thousands and thousands of dollars price of crypto a day for our crypto product, we had been in a position to simply buy the required amount of crypto at a superb charge by means of our trade companions,” stated the spokesperson.
Revolut didn’t disclose which crypto exchanges it worked with.
WeWork introduced that it would settle for cryptocurrency as a type of payment in April, with the aim of enhancing “flexibility and optionality” for members, according to a press release.