Flow To Launch New Digital Wallet Under Former CEO Of WeWork
- Ex-WeWork CEO Adam Neumann’s residential real-estate startup Flow has planned to launch a new digital wallet which will be capable of storing crypto.
- The firm will not accept payments from the digital wallet via crypto, but outside payments can be made as well.
Former WeWork CEO Adam Neumann’s newly launched residential real-estate startup Flow has recently decided to launch a digital wallet with the ability to store cryptocurrencies.
According to Flow spokeswoman Davidson Goldin, the planned digital wallet, which will also store fiat currencies like the US dollar, cannot be used to pay rent for apartments managed by the real estate industry. According to him, the wallet can be used to make transactions outside of Flow, just like any other wallet, and a rewards program might include crypto.
A recruiter’s job posting that offered a position at a “ground breaking venture that will be one of the largest implementations of blockchain in the economy, involving a multi-faceted approach that will be spearheaded by Adam Neumann” led Forbes to first notice about the proposed digital wallet.
Inaccurate job posting
According to the advertisement, Neumann is developing a “next generation multi-family property management system with a proprietary payment system” that would have “a full financial services wallet, a tokenized reward program, and crypto payment methods.”
The job description, according to Goldin, was essentially false and shouldn’t have been released publicly. Additionally, he gave interview access to Coda Recruitment employee Robert Gade, who had been conducting recruitment on Flow’s behalf. Gade admitted that the job description she posted was incorrect for what the company was seeking. “I took some information that I gathered, working with bits and pieces, and the job description I put out was not accurate to what we were looking for,” Gade said.
Following pressure from investors, Neumann departed WeWork in 2019, a company he co-founded in 2008. According to Forbes, Neuman invested in Alfred, a provider of property management software, and purchased properties in secondary markets including Nashville, Tennessee, and Norwalk, Connecticut, after he left WeWork.
Flow recently received an investment from a16z
Notably, the new plan by Flow comes into the picture soon after receiving a massive $350 million investment from venture capital firm Andreessen Horowitz (a16z) on Monday. The new investment was a result of Neumann’s “direct strike” on the United States’ housing problems.
“We think it is natural that for [Neumann’s] first venture since WeWork, [he] returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes.” Residential real estate — the world’s largest asset class — is ready for exactly this change,”Co-founder and general partner at a16z, Marc Andreessen, stated.