Flow, a new residential real estate startup founded by former WeWork CEO Adam Neumann, following an investment from Andreessen Horowitz (a16z) cryptocurrency plans to launch a digital wallet that can store
In a blog post on Monday, Marc Andreessen wrote that the venture capital firm decided to invest in Neumann, thanks to his “hit” as a “visionary leader” on housing issues in the US.
Adam Neumann’s New Company Flow Confirms Crypto Wallet Plan
Flow spokesperson Davidson Goldin told Forbes that the planned digital wallet, which will also store fiat currencies such as the US dollar, cannot be used to pay the rent of apartments run by the real estate startup.
The spokesperson stated that the wallet could be used for foreign transactions and cryptocurrencies could also be included in a rewards program.
Neumann has received a $350 million investment from a16z for its property management software startup, The New York Times first reported Monday, but only a few details of the deal have been disclosed.
Neumann left WeWork, which he co-founded in 2008, in 2019 after pressure from investors.
The CEO’s former company, WeWork, recently bitcoin started accepting payment.
After leaving WeWork, Neuman 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.
Forbes first discovered the digital wallet scheme from a job posting that advertised “a groundbreaking initiative that will become one of the largest applications of Blockchain in the economy and includes a multifaceted approach led by Adam Neumann.”
According to Forbes, the announcement also states that Neumann is developing a “next-generation multi-digit property management system with a proprietary payment system” that will include “a full financial services wallet, a tokenized rewards program, and crypto payment methods.”
While confirming the digital wallet plan, Goldin said the job posting was largely false. He offered an alternative explanation that did not mention “Crypto” or “Blockchain”, but included the task of “analyzing the technology ecosystem and services in the multi-digit industry.” The employer later admitted that they “made a mistake and got the job description wrong.”
*Not investment advice.
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