Uber Considering Crypto Payments

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Uber might join the crypto revolution soon. CEO Dara Khosrowshahi said that the company is considering cryptocurrencies for payments ‘at some point’. The company is open to the integration of crypto to the platform but no timeline has been confirmed.

Is It Going to Happen Soon?

It may happen but Khosrowshahi mentioned that the time is not right yet to add crypto to their payment options. He believes that some of the hurdles to make it happen are the transaction fees that can be costly, the environmental impact that crypto mining creates, and the volatility of the crypto market.

The CEO mentioned that conversations are happening and that the company will most likely start accepting cryptocurrencies when it is less expensive and more eco-friendly. The cab-booking app will most likely accept Bitcoin but is also considering Ethereum and other cryptocurrencies.

Keeping the Cash Safe

Even with the integration of crypto soon, Khosrowshahi said that Uber has no plans to buy Bitcoin using the company’s cash. He said that they quickly dismissed the idea. The company will not follow Tesla‘s example. In February 2021, the electric vehicle manufacturer announced that they invested $1.5 billion in Bitcoin

Companies in the Crypto Bandwagon

While Uber hasn’t jumped the bandwagon yet, Microsoft has started to accept Bitcoin for payments since 2014. Tesla has announced that it will accept Dogecoin for the company’s merch. Other companies such as AT&T and Wikipedia have also started accepting crypto payments.

The Takeaway

If you are regularly using Uber and are also into crypto, this could eventually be an exciting development for you. Not only that, with crypto’s continuous rise, more vendors might start accepting cryptocurrencies for payments, and this could be good news for people holding crypto coins as they will get the value of their investments. It would be interesting what Uber and other companies will do to leverage the crypto revolution.

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