The newly established residential real estate business Flow, led by former WeWork CEO Adam Neumann, recently made the decision to roll out a digital wallet that supports cryptocurrency storage.
The projected digital wallet, which will also store fiat currencies like the US dollar, cannot be used to pay rent for flats handled by the real estate business, according to Flow spokeswoman Davidson Goldin.
Like any other wallet, the wallet can be used to conduct transactions outside of Flow, according to him, and a rewards scheme might involve cryptocurrency.
Forbes initially learned about the proposed digital wallet from a recruiter’s job offering for a position at a “ground-breaking enterprise that will be one of the largest implementations of blockchain in the economy, using a multi-faceted approach that will be led by Adam Neumann.”
Inaccurate Job Posting
The advertising claims that Neumann is creating a “new generation multi-family property management system with a proprietary payment system,” which would include “a full financial services wallet, a tokenized reward program, and crypto payment options.”
According to Goldin, the job description was fundamentally fake and shouldn’t have been made public. Robert Gade, a representative of Coda Recruitment who had been conducting interviews on Flow’s behalf, was also granted access to the interviews.
Gade acknowledged that the position she listed did not match what the employer was looking for. Gade claimed that the job description she posted was inaccurate in light of the information she had only been able to piece together in bits and pieces.
Neumann left WeWork, which he co-founded in 2008, in 2019 as a result of pressure from investors.
After leaving WeWork, according to Forbes, Neuman invested in Alfred, a company that sells property management software, and bought homes in secondary areas including Nashville, Tennessee, and Norwalk, Connecticut.
Flow Recently Received an Investment from A16z
Notably, Flow just received a substantial $350 million investment from venture capital company Andreessen Horowitz a16z on Monday, which brings about the new plan at hand.
Neumann’s “direct strike” on the housing issues in the US led to fresh investment.
Digital Wallet Is Launched by Neuman’s Next Business Stream
Less than a week after a16z expressed interest in Flow, Neumann intends to introduce a cryptocurrency-storing smart wallet.
Forbes claims that Flow’s digital wallet will also support holding fiat money, such as the US dollar.
Flow’s Davidson Goldin, a spokesman, stated that users of the digital wallet will not be able to use it to pay rent for apartments that the real estate firm manages.
As with other digital wallets, the wallet will be used for purchases made outside of the app.
According to Forbes, the Flow digital wallet was verified after a recruiter advertised a job at a “revolutionary” startup.
The recruiter advertised the post by referring to the impending projects as “one of the major blockchain implementations.”
The job posting also stated that Neumann would be in charge of the position and that it involved a “multi-faceted approach.”
According to Forbes, a message left on a potential product manager candidate’s LinkedIn profile made additional reference to the Flow digital wallet.