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Former WeWork CEO Adam Neumann to launch digital wallet that stores crypto

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HIGHLIGHTS :

  • The rest of its features are yet to be revealed
  • It can hold crypto assets as well as US dollars
  • The wallet can be used for external transactions

Flow, the real estate company of former WeWork CEO Adam Newman, plans to launch a digital wallet.

The rest of its features are yet to be revealed

Flow, the real estate company founded by former WeWork CEO Adam Neumann, plans to launch a digital wallet that can store cryptocurrencies. Flow recently scored an investment of $350 million (approximately Rs 2,793 crore) from Andreessen Horowitz aka a16z. The company is planning to launch a digital wallet that can hold crypto assets as well as other currencies including the US dollar. The company’s real estate management software will also work on Wallet, though the rest of its features are yet to be revealed.

Flow spokesman Davidson Goldin told Forbes that the Pland digital wallet, which will also store fiat currencies such as the US dollar, cannot be used by real estate startups to pay rent for apartments managed. The wallet can be used for external transactions and may include crypto in a rewards program.

It can hold crypto assets as well as US dollars

Newman has secured an investment of $350 million (approximately Rs 2,793 crore) for its real estate management software venture. The New York Times first reported it on Monday, but few details of the deal have been revealed. Newman left WeWork in 2019 after investor pressure. He was its co-founder. The company was established in the year 2008.

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The wallet can be used for external transactions

After leaving WeWork, Newman bought assets in several secondary markets. He also used to invest in a property management software company. Newman then founded FlowCarbon, which aims to issue cryptocurrencies that support carbon credits. However, the downturn in the crypto market has dampened that ambition. It is said that the company will wait for the markets to stabilize before launching the token.

Neumann received a $350 million (roughly Rs. 2,793 crore) investment from a16z for his real estate management software venture, The New York Times first reported this on Monday, but only a few details of the deal were revealed. Neumann left WeWork in 2019, a company he co-founded in 2008, following pressure from investors.

After he left WeWork, Neumann was known for buying properties in secondary markets-

like Nashville, Tennessee, and Norwalk, Connecticut, while also investing in property management software company Alfred, according to Forbes.

Neumann subsequently founded Flowcarbon, which surfaced earlier this year, aiming to issue cryptocurrencies backed by carbon credits. However, as per a Wall Street Journal report, the crypto market downturn dampened that ambition, with CEO Dana Gibber saying it would “wait for markets to stabilize” to launch a token.

By the look of it, Flowcarbon and Flow aren’t related in any way except for sharing a co-founder. Interestingly though, a16z’s blog does call Flow, Neumann’s “first venture since WeWork.”

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