Fintech Firm Revolut Pays for Dallas-Based Wework Workspace With Bitcoin
The cryptocurrency-infused financial tech company Revolut has announced it has purchased a Wework office with bitcoin. Revolut detailed that the office space in Dallas, Texas will house 300 employees to prepare for the company’s U.S. expansion.
Revolut Pays Bitcoin for Wework Property in Texas
On September 16, 2021, Revolut, the fintech firm that offers users cryptocurrency services and aims to provide the world with a “global financial superapp” announced a deal with Wework. According to the announcement, Revolut will be leveraging the Wework workspace at 6900 Dallas Parkway in Dallas, Texas. Revolut details that the payment for the workspace was settled in bitcoin (BTC). The company said on Thursday:
Revolut will also be Wework’s first enterprise member to sign new space using cryptocurrency, specifically bitcoin, as it establishes its largest office yet in the U.S.
While the move aims to bolster Revolut’s U.S. expansion, Revolut said it is also introducing a concept called “Revlabs real estate strategy.” The company details that the first Revlabs space is now open in Melbourne at the Wework center at 222 Exhibition Street.
“Revlabs will be designed to facilitate collaboration and teamwork, with around 70 percent of office space devoted to collaboration,” the company explained on Thursday. “The new format will cater to rapid headcount growth and provide spaces for creative thinking, brainstorming, training, and knowledge exchange – some of the face-to-face interactions that people have missed throughout the pandemic. There will also be quiet zones and space for meetings.”
Wework Executive: ‘Flexibility Is Essential for Growing Companies’
Wework also detailed that it looks forward to being a real estate partner with Revolut. Basically, Wework is an American commercial real estate firm that was created in 2010. It specializes in flexible shared workspaces and the service is used by tech startups and other types of companies in early developmental stages.
The company, however, is not without controversy, and in 2019 it had issues as the owner, Softbank Group, reported major losses that year. In November 2019, close to 20% of the employees at Wework were laid off.
We're thrilled to be partnering with @RevolutApp to provide a new home for their employees in Dallas while utilizing cryptocurrency in the process to power their new flexible work strategy. #wework https://t.co/A6EJhmQXTq— WeWork (@WeWork) September 16, 2021
That year, the company revealed it was changing the board and wanted to remove the CEO Adam Neumann to replace him with a new leader. Also, it aimed to remove Neumann’s family members from the board of directors. Neumann did eventually exit and left with a package estimated to be worth $1.7 billion, and the company followed up with lots of corporate changes.
During the Revolut announcement, the global head of financial services sales at Wework, Nick Giraudeau, stressed that flexible shared workspaces are great for growing startups.
“Wework is excited to be Revolut’s global real estate partner,” Giraudeau remarked. “We look forward to supporting their new standard for the future of work, with a progressive employee-led approach that prioritises flexibility, collaboration and choice. Flexibility is essential for growing companies, and by supporting transactions in cryptocurrency, we can offer choice and convenience while supporting Revolut’s innovative business.”