Fintech company Revolut announced that it has paid for office space for 300 employees in a Dallas-based WeWork — the largest office in the US — with Bitcoin.
The $33 billion neobank has decided to use Bitcoin with the intention to cut back on international remittance fees. Revolut sent WeWork an amount of Bitcoin equal to the dollar value of the lease payment — marking this the first time a startup has paid a corporate invoice in crypto.
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.
Although Revolut customers are still unable to pay for goods and services using crypto, the spokesperson added that the bank is working to contribute to a future where crypto payments are well-integrated into our daily lives.
Revolut has been offering crypto trading services since 2017, and they started allowing customers to transfer Bitcoin from the app to their personal wallets since May 2021. The bank has also been rapidly growing its list of token offering as part of their plan to increase crypto activities.
WeWork announced that it would start accepting cryptocurrency as a viable form of payment from April onwards, in order to improve “flexibility and optionality” for members.