# Primalbase Tokenized CoWorking Memberships

> 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.

**Sector:** Tertiary sector · **Industry:** Coworking and shared services · **Organisation:** Primalbase · **Maturity level:** Production

Canonical URL: https://www.sapientblock.com/en/use-cases/primalbase-coworking-mitgliedschaft-tokenisieren

## 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.

## Benefits

- Companies can provide more flexible workspace solutions without long-term commitments for their employees.
- Private users can buy and sell coworking memberships as tradable assets.
- 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.
- Employees gain access to a global network of coworking spaces through tradable tokens.

## Challenges

- Integrating blockchain-based token systems into existing coworking management platforms requires significant technical adjustments.
- Regulatory uncertainties in tokenising membership rights require comprehensive compliance measures.
- Low trading volumes of tokens can impair the desired liquidity.
- 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.

## Sources

- [Primalbase Token Whitepaper](https://www.allcryptowhitepapers.com/primalbasetoken-whitepaper/)
- [Primalbase on CoinFi](https://www.coinfi.com/coins/primalbase)
- [Primalbase on CoinMarketCap](https://coinmarketcap.com/currencies/primalbase/)