Former WeWork CEO Adam Neumann’s new real estate company is planning a digital wallet that stores crypto

When Adam Neumann revealed his new venture into the WeWork-ify residential real estate sector on Tuesday, backed by a $350 million investment from Andreessen Horowitz, the announcement was long on hype and short on details.

Forbes has learned that the company, Flow, intends to launch a digital wallet that can store crypto — among other currencies, including the US dollar — in addition to the asset management software it previously announced.

Davidson Goldin, a Flow spokesperson, said the planned digital wallet cannot be used to make rent payments for Flow-managed apartments using cryptocurrency it can store, but can be used for external purchases like any other wallet.

Goldin confirmed Flow’s plans for a wallet afterwards Forbes learned about recruiting efforts for the company this month, where a recruiter promoted a role in a “groundbreaking venture that will be one of the largest implementations of blockchain in the economy, involving a multifaceted approach that will be led by Adam Neumann (former CEO of WeWork ).

In a LinkedIn message sent to a potential product manager candidate, a recruiter for the role said that “Adam is building a next-generation multi-family property management system with a proprietary payment system,” adding that the system “will include a full financial services wallet, a tokenized rewards program and crypto payment methods.”

Flow spokesperson Goldin told Forbes the job description was largely false and should not have been distributed. He also gave an interview with Robert Gade, an employee of Coda Recruitment who had recruited on behalf of Flow. “I took some information I gathered and worked on bits and pieces, and the job description I posted didn’t match what we were looking for,” Gade said. Forbes. “I made a mistake and misrepresented the job.”

Instead, Goldin gave Forbes another job description for chief product officer that didn’t mention “crypto” or “blockchain” but said the new hire would be needed to “analyze the technology ecosystem and services in the multifamily industry.”

Goldin said that Flow would not receive crypto payments for renting out its apartments, nor would the company be one of the largest implementations of blockchain in the economy. Regarding Flow’s work with Coda, Goldin said “We do not discuss the status of vendor relationships with the media.”

The news of a digital wallet puts a clearer focus on Neumann’s ambitions in the residential property area with his new venture. Since Neumann was ousted as CEO of WeWork after he raised $20 billion and failed to take the company public, the enigmatic executive has amassed a huge multifamily real estate portfolio, buying properties in secondary markets such as Nashville, Tennessee and Norwalk, Connecticut , while investing in adjacent businesses such as property management software company Alfred.

Listings of crypto-related work appear on the job board for FOL Management, a real estate company that appears to be connected to Flow (Chris Hill, WeWork’s former product manager and Neumann’s brother-in-law, is president and COO). FOL is currently hiring web3 engineers with “previous experience with one or more open L1 and L2 blockchains” who will help “redefine the financial experience of tenants” by “leveraging new technologies.”

Neumann has previously tested the waters in cryptocurrency, co-founding a startup called Flowcarbon, which recently raised $70 million in a funding round also led by Andreessen Horowitz. The startup intends to tokenize carbon credits, but recently delayed a token sale citing poor cryptocurrency market conditions.

In a blog post Monday, Marc Andreessen wrote that his venture capital firm is backing Flow because he sees Neumann’s company as a “direct strike” on the current housing crisis, one fueled by the fact that our country is “creating households faster than we’re building houses.”

While he didn’t say exactly what the business purpose of Flow is, he did offer several hints about the problems it’s trying to fix: “You can pay rent for decades and still have zero equity — nothing,” he wrote. Andreessen Horowitz declined to comment.