Crypto: The comeback of the ousted CEO of WeWork

Following accusations of eccentric behavior and astronomical spending, Adam Neumann was forced to leave his position as CEO of WeWork in 2019. Probably unhappy with this dismissal, he is mounting a project almost identical to this coworking company he co-founded in 2010. Called Flow, this new crypto-friendly real estate company has already received financial support from Andreessen Horowitz to the tune of $350 million.

“Flow” is the new “We[Work] »

In a recent interview with BloombergAdam Neumann returned to his new Flow project, which he does not hesitate to describe as the ” new WeWork “. Announced in August, this real estate company would be the modern version of the coworking company where Neumann worked before 2019.

As a reminder, WeWork, through the WeLive concept, offered monthly rentals in apartment buildings with shared kitchens and pool tables. This is how Neumann intends to bring a better quality of life to tenants.

I felt like there were better ways to operate the buildings. And I felt that frankly there was room for more communities “, he told Financial Times at one time.

With Flow, Adam Neumann intends to upset the real estate sector. And his collaborators, including Andreessen Horowitz, who raised $350 million to launch the company, seem won over by the same cause as a chronic housing shortage continues to plague the United States.

The reasons for the return of Adam Neumann

Forbes also mentioned that Flow intends to launch a digital wallet conducive to the storage of cryptocurrencies. It is the complement of the property management software announced by the Neumann team.

Separately, Davidson Goldin, a spokesperson for Flow, clarified that this digital wallet will not allow crypto rental payments for company-managed apartments. It will, however, be intended for purchases from other sellers outside of Neumann’s real estate company ecosystem.

Adam Neumann, a confirmed crypto-enthusiast

A new crypto project signed Adam Neumann

The WeWork founder has always been a fan of cryptocurrencies. Last May, Cointelegraph reported that Neumann has stepped into the crypto space by raising $70 million for Flowcarbon, a blockchain-powered climate technology platform.

The company from which he was ousted, WeWork, had also turned to cryptocurrencies in April 2021. On occasion, a partnership with BitPay and Coinbase had been established in order to extend the flexibility of the company. of coworking to new technologies.

WeWork and its 40 billion losses

If nothing has changed on its side, the company still continues to accept bitcoin, ethereum or even USDC Coin for incoming and outgoing transactions.

Additionally, WeWork digitized its real estate portfolio in 2020. On occasion, WeWork On Deman and WeWork All Access were released.

These initiatives are the pride of WeWork CEO Sandeep Mathrani:

WeWork’s strength lies in our ability to scale and best meet the diverse needs of our members around the world. As our member base continues to grow in the fintech industry, so will our ability to adapt to their needs and serve a new economy. WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It makes perfect sense for us to expand the possibilities we offer by adding cryptocurrencies as an accepted form of payment for our members. »

The real estate-cryptocurrency mix has already appealed to investors. Indeed, it is not uncommon these days to find real estate businesses accepting bitcoin and other crypto currencies as part of transactions. The cases of WeWork and Flow give us a glimpse of the interest shown by real estate players in this new asset that central banks are beginning to fear at the present time.

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