Former WeWork CEO Adam Newman to Launch Digital Wallet That Stores Crypto: Report

Former WeWork CEO Adam Neumann to Launch Digital Wallet That Stores Crypto: Report

Flow, the real estate company founded by former WeWork CEO Adam Newman, plans to launch a digital wallet that can store cryptocurrencies. Flow, which recently received a $350 million (roughly Rs. 2,793 crore) investment from Andreessen Horowitz aka a16z, plans to launch a digital wallet that can hold crypto assets — as well as currencies including the US dollar. The company’s real estate management software will also work on the wallet, although several other features of the wallet have yet to be revealed.

The planned digital wallet, which will also store fiat currencies such as US dollars, cannot be used to pay rent for apartments managed by the real estate startup, Flow spokesman Davidson Goldin said. told Forbesthe wallet can be used for external transactions and the program can include crypto, the awards said.

Newman gets $350 million (approx Rs 2,793 crore) investment from a16z for its real estate management software venture, The New York Times First reported As of Monday, however, few details of the deal were revealed. Neumann left WeWork, the company he co-founded in 2008, in 2019 after pressure from investors.

After he left WeWork, Newman was known for buying properties in secondary markets such as Nashville, Tennessee and Norwalk, Connecticut, as well as investing in property management software company Alfred, according to Forbes.

Neumann later founded FlowCarbon, which emerged earlier this year with the aim of issuing a cryptocurrency backed by carbon credits. However, according to A Wall Street Journal reportThe downturn in the crypto market dampened that ambition, with CEO Dana Gibber saying he was “waiting for the market to stabilize” to launch the token.

Given this, FlowCarbon and Flow are not related in any way other than sharing co-founders. Interesting though, a16z’s blog Flo calls it Newman’s “first post-WeWork venture.”

There’s also an unrelated blockchain project by Dapper Labs that already uses tokens with ticker flow, whose price has briefly risen due to name confusion.


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