Revolut, a leading British fintech, has announced it started using Bitcoin to pay for the office space rented from WeWork at the US city of Dallas. The office is used to accommodate its 300 staff in the city, its largest base in the US.
The fintech, valued at over US$ 30 billion, explained that it chose to pay rent in Bitcoin to underscore its commitment to cryptocurrencies and because of the advantages of using cryptos when sending money across borders.
Speaking to crypto specialist site The Block, a company spokesman said that the advantage of using crypto is ‘the ability to make nearly instant payments without middlemen who charge large international remittance fees’.
Revolut became a popular fintech as it was one of the first to offer ‘top up’ debit cards, which can be used for purchases and ATM withdrawals abroad with competitive exchange rates and little or no fees, unlike most cards provided by traditional banks.
Since 2017, it has made available trading in cryptos on its systems and has been adding tokens, including Dogecoin. It says it is working on plans to also allow payments and transactions in cryptocurrencies through its accounts.
"“Blockchain is for the financial sector what the internet was for the communications sector, and we will see more and more fintechs and crypto businesses challenging the status quo of the industry, bringing innovative and cheaper opportunities for consumers”, highlighted the CEO and co-founder of Dynasty Global Investments AG, Eduardo Carvalho."
The global co-working company, WeWork, announced in April that it would accept payments in cryptocurrency, stating that the move was designed to offer more “flexibility and optionality”.