Cryptocurrencies remain a controversial topic: their mining consumes vast amounts of resources, hardly compatible with climate protection commitments, yet their spread seems unstoppable. Last year, Revolut paid its small office rent to WeWork in bitcoin.
The innovative banking service Revolut secured $800 million in funding last year, valuing the company at $33 billion, despite still operating at a loss. In 2020, it closed with a £167.8 million deficit, unlike competitor Wise, which was already profitable. True to its revolutionary name, Revolut also offers more than 20 types of cryptocurrencies. While not the same as trading on a crypto exchange, this has still pushed innovation forward.
The revolution of blockchains seems inevitable. A recent example was last week’s U.S. Congressional hearing, where representatives were briefed on the crypto market due to their lack of information. Crypto prices crashed afterward and have yet to recover. Meanwhile, Tesla CEO Elon Musk recently announced that some products can be purchased with dogecoin.
Revolut also plans to launch its own crypto exchange and has amassed significant crypto holdings. That’s one of the reasons it paid WeWork in digital currency. WeWork itself has been through ups and downs—growing too quickly brought it close to bankruptcy. But the pandemic put flexible office concepts in the spotlight, saving the company.
More than 300 Revolut employees now work at WeWork’s Dallas hub. The company recently introduced hybrid work, allowing all 2,000 employees to freely choose when and how often they work from home.
The fruit of Revolut’s flexible property strategy is RevLabs, collaborative office spaces rolled out across the globe. Seventy percent of leased areas are dedicated to collaboration, balanced with quiet zones and communal areas. The first RevLabs opened in WeWork’s Melbourne office.
Rhebeckha D’Silva, Revolut’s Global Head of Real Estate, said that Revolut is always pushing the boundaries of innovation, whether in financial services or office solutions. Nick Giraudeau, Head of Financial Services Sales at WeWork, added that flexibility is essential for growing companies, and by supporting cryptocurrency transactions, they provide choice and convenience while reinforcing Revolut’s innovative business model.