Primalbase Tokenized CoWorking Memberships
Sector: Tertiary sector · Industry: Coworking and shared services · Organisation: Primalbase · Maturity level: Production
Primalbase developed a system to tokenize co-working space memberships through digital tokens. The company solved the problem of illiquid and expensive memberships by making them available as tradeable digital assets on the blockchain. The token continues to be traded on various trading platforms, although with low trading volume.
Documentation status
- Project status: Production
- Evidence: Evidence high
- Editorial review: Ufuk Avci, 15 April 2026
Description
Primalbase tokenised coworking memberships on the Waves blockchain: exactly 1,000 PBT tokens were issued via ICO on 26 June 2017 (sold out in 24 hours, $7.5 million). Each token corresponds to a lifelong full membership at all Primalbase locations. Token holders can lease their token and receive 90% of the leasing fee directly. Primalbase retains a 10% commission.
Primalbase was founded by CEO Ralph Manheim with the goal of bringing together tech community members with like-minded developers, entrepreneurs and researchers. ICO on 26 June 2017 on the Waves blockchain; 1,000 PBT tokens, sold out in 24 hours, $7.5 million raised. Token logic: (1) Lifelong Membership — one token = lifelong access to all Primalbase locations. (2) Leasing marketplace — token holders lease their membership by the day, receive 90% of the leasing fee directly P2P, Primalbase 10% commission. (3) Freely tradable on the secondary market. Initial locations: Amsterdam (officially October 2017), Berlin, London. Planned: New York, Singapore. For non-token holders: temporary membership via Ether payment. Primalbase was the first European company to enable workspace access via blockchain tokens.
Perspectives
B2B — organisations perspective
Token holders who temporarily do not use their Primalbase workspace can rent out their membership via the integrated leasing marketplace — fully automated, without administrative effort. 90% of the income goes directly to the token holder.
B2C — consumers perspective
Freelancers and startup teams gain access to premium workspaces in European tech hubs on a daily basis via Primalbase — no deposit, no administration, no notice period. Entry is via Ether payment for a leasing token.
Employees perspective
Employees benefit from increased flexibility in accessing various coworking spaces through tradable tokens. Tokenisation enables switching workplaces as needed and monetising unused memberships.
Benefits
General
- Tokenisation creates liquidity for traditionally illiquid coworking memberships.
- Users gain more flexibility in acquiring and selling workspace access.
- Coworking operators can unlock alternative financing models through token sales.
B2B — organisations
- Companies can provide more flexible workspace solutions without long-term commitments for their employees.
B2C — consumers
- Private users can buy and sell coworking memberships as tradable assets.
Employees
- Employees gain access to a global network of coworking spaces through tradable tokens.
Challenges
General
- Regulatory uncertainties in tokenising membership rights require comprehensive compliance measures.
- Low trading volumes of tokens can impair the desired liquidity.
B2B — organisations
- Integrating blockchain-based token systems into existing coworking management platforms requires significant technical adjustments.
Employees
- Employees need training in handling cryptocurrencies and digital wallets for token management.
Technology foundation
The system is based on Ethereum- and Waves-based digital tokens representing membership rights to coworking spaces. These blockchain technologies enable traditionally illiquid memberships to be converted into tradable digital assets that can be traded on decentralised exchanges.
Implementation examples
Primalbase Token Implementation
The company wanted to solve the problem of illiquid and expensive CoWorking memberships. Traditional memberships tie up capital and offer no flexibility for resale or transfer.
Primalbase tokenised CoWorking space memberships using Ethereum- and Waves-based tokens.
Primalbase developed a system for tokenising CoWorking space memberships through digital tokens on the Ethereum and Waves blockchains. The company created tradable digital assets representing access rights to CoWorking spaces. The Primalbase Token (PBT) is traded on various crypto exchanges, although trading volume remains relatively low.
The tokenisation solved the illiquidity of CoWorking memberships and enabled new financing models. Users gained more flexibility in acquiring and selling workspace access.
Tags
Tokenisation, Coworking, Membership rights, Asset digitalisation, Liquidity