Former WeWork CEO Adam Neumann’s new residential real estate startup will reportedly include a digital wallet enabling the use of cryptocurrencies.
The startup Neumann helped found, which is called Flow, may include a digital wallet that would handle not only crypto but also other financial services, such as connecting to a bank account, according to a Thursday (Sept. 8) report by Bloomberg that cited unnamed sources.
One possible use for crypto by Flow could be a rewards program that uses blockchain, according to the report, again citing unnamed sources.
Neumann’s interest in crypto — which is demonstrated by the use of blockchain to track carbon credits by another startup he helped found, Flowcarbon — could be a plus for the hard-hit crypto industry, according to the report.
“If he can build something as big as WeWork again, I think that will be really positive for our industry if there is an element of Web3,” Framework Ventures Co-Founder Michael Anderson said, per the report.
Venture capital firm Andreessen Horowitz invested $350 million in Flow in August, according to the report.
Andreessen Horowitz Co-Founder Marc Andreessen wrote on the company’s website that Flow’s model of combining community, experience, service and technology and “[creating] a system where renters receive the benefits of owners” is valuable during the nation’s current housing crisis, noting that there’s currently a shortage of homes, high rents on apartments and other trends driving demand for a new model of housing.
“We think it is natural that for his first venture since WeWork, Adam returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes,” Andreessen wrote. “Residential real estate — the world’s largest asset class — is ready for exactly this change.”
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