October 5, 2022

Breaking: Uber Doubles Down On Its Decision To Accepting Cryptocurrencies As Payment

2 min read

uber eco coin

Uber Technologies has reiterated that it is considering accepting cryptocurrencies as payment. The CEO of the ride-hailing business stated the company was continuously seeing the crypto space as it saw a great deal of worth in cryptocurrencies. Nevertheless, he included that the time is not yet right for the company to execute crypto payments.

Uber is still observing the crypto market

In an interview with Bloomberg today, the CEO of Uber, Dara Khosrowshahi, stated that the business often has discussions about accepting crypto. He specified that the agreement at Uber at the minute is that the time is not yet best to accept the digital properties as payment for its ride-sharing and food delivery services.

The chief executive called the reasons for the existing stance. While Bitcoin and other cryptocurrencies were useful as a store of value, they have largely expensive exchange mechanisms and were bad for the environment, he said. Nevertheless, when crypto becomes more affordable and eco-friendly, the business will give it a shot.

As exchange system becomes more economical and becomes more environmentally friendly, I think you will see us leaning more into crypto a bit more. So we’re definitely watching it, Khosrowshahi said.

The president has previously shared a comparable stance on accepting crypto at Uber. Last year, Khosrowshahi dismissed the concept of Uber adding Bitcoin to its balance sheet. Likewise, he stated that the business had plans of accepting crypto.

Institutional crypto adoption still on the rise

While Uber has actually put off accepting crypto for its reasons, several other business are working to adopt crypto and blockchain technology. Just recently, more firms have been adding cryptocurrencies consisting of Bitcoin and Ethereum to their balance sheet or building blockchain infrastructure. Apple just recently exposed that a brand-new feature on its Apple Pay will incorporate payment with digital wallets.

A number of cryptocurrencies, including memecoins like DOGE and SHIB, have actually likewise been getting accepted as payment for products and services. Dogecoin just recently got added as a transactional currency on Tesla’s online merchandise store. The growing adoption has led banking giant, Wells Fargo, to predict that crypto will be a global phenomenon.

The post Breaking: Uber Doubles Down On Its Decision To Accepting Cryptocurrencies As Payment appeared initially on CoinGape.