Revolut will pay WeWork in crypto, largely Bitcoin, for its US hub in Dallas.
Image source: Revolut’s new Dallas office/WeWork
We all know that crypto is a very lucrative business for Revolut, but the digital banking service has taken it one step further.
Last week, WeWork and Revolut jointly announced that the fintech has become the first company ever to pay for its office space using cryptocurrency.
Revolut will pay largely in Bitcoin for its new office space in Dallas—the firm’s hub for its US expansion plans.
“Revolut is always looking to push the boundaries of innovation, be it in financial services or workplace experience,” Rhebecka D’Silva, Revolut’s global head of real estate said.
Given AltFi has previously estimated that Revolut is holding around $1bn worth of crypto on its balance sheet, that may also explain why the decision to pay in Bitcoin was made.
“We’re excited to continue on our rapid growth trajectory with an innovative partner like WeWork that affords us the flexibility to pay using cryptocurrency—a technology whose future we vehemently believe in—as Revolut expands in the US and around the world.”
Revolut’s new office will house more than 2,000 employees, who will be able to choose when and how often they want to head into the office.
“WeWork is excited to be Revolut’s global real estate partner. 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,” Nick Giraudeau, global head of financial services sales at WeWork, added.
“Flexibility is essential for growing companies, and by supporting transactions in cryptocurrency, we can offer choice and convenience while supporting Revolut’s innovative business.”
As part of the new real estate plan, Revolut is also launching RevLabs, which will repurpose all offices as flexible collaborative spaces—in Berlin, Dallas, Dublin, Melbourne, Moscow, Singapore and New York.
The news of Revolut’s new office plan comes just weeks after the fintech hiked its trading fees for the second time in six months.