Ex-WeWork CEO To Launch Crypto Wallet After Getting Funding From az16

Flow, a residential real-estate startup founded by former WeWork CEO Adam Neumann, has confirmed its plans to launch a new digital wallet that is capable of storing cryptocurrencies.

In a blog post published earlier this week by Marc Andreessen, it was revealed that his venture capital firm Andreessen Horowitz (a16z) would back Flow in its plans to launch a digital wallet. Andreessen said it was Neumann's "direct strike" as "a visionary leader" when he served at WeWork, a coworking spaces provider, that influenced az16's decision to invest in Flow.

"We are thrilled by the scope and aspiration of this project. It is not lacking in vision or ambition, but only projects with such lofty goals have a chance at changing the world," Andreessen said while talking about Flow.

Davidson Goldin, a spokesperson for Flow, told Forbes that the real-estate startup's new digital wallet cannot be used for making rental payments for Flow-managed apartments. However, outside payments can be made.

Interestingly, the wallet can also store fiat currencies and according to the spokesperson, a rewards program is also in the works, which could include crypto.

Neumann received $350 million from az16 but additional details of the deal were not revealed, the New York Times reported Monday.

Moreover, Forbes discovered a job posting from a recruiter, which explained that Flow is building a "next generation multi-family property management system with a propriety payment system" which will include "a full financial services wallet, a tokenized reward program and crypto payment methods."

However, Goldin pointed out that the job description was misinterpreted by the recruiter. He provided a more apt description that did not mention "blockchain" or "crypto," stating that the task would be to "analyze the technology ecosystem and services in the multifamily industry."