Adam Neumann’s startup, Flow, may involve crypto

Former WeWork CEO Adam Neumann’s new real estate startup will reportedly include a digital wallet that enables the use of cryptocurrencies.

The startup Neumann helped found, which is called Flowmay include a digital wallet that will handle not only crypto but also other financial services, such as linking a bank account, according to a Thursday (September 8) report by Bloomberg citing unnamed sources.

A possible crypto use of Flow could be a rewards program that uses blockchain, according to the report, which again cites unnamed sources.

Neumann’s interest in crypto — 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.

Read more: Today in Crypto: Andreessen Horowitz Debuts $4.5B Crypto Fund; WeWorks Neumann Starts Crypto Credit Climate Firm Flowcarbon

“If he can build something as big as WeWork again, I think it will be very positive for our industry if there is an element of Web3,” Framework Ventures co-founder Michael Anderson said, according to 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 for combining community, experience, service and technology and “[creating] a system where renters get the benefits of owners” is valuable during the country’s current housing crisis, noting that there is currently a housing shortage, high apartment rents and other trends that are driving demand for a new housing model.

“We think it’s only natural that Adam, for his first venture since WeWork, returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes,” wrote Andreessen. “Residential property – the world’s largest asset class – is ready for exactly this change.”

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