Uber plans to integrate crypto payments

crypto

Do cryptocurrencies still have a future outside of being a store of value? Uber seems to think so. But “wen” will that future include the famous “disruptor”?

Uber (ticker symbol UBER) CEO Dara Khosrowshahi told Bloomberg that the controversial ride-sharing app will accept cryptocurrencies “at some point” as payment. However, Khosrowshahi added that now is not a good time to integrate.

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As for why the CEO is kicking the can on the road, Khosrowshahi pointed to several things, including the usual excuse for environmental impact. “We have conversations all the time,” Khosrowshahi said. However, Khosrowshahi also acknowledged the costs of transacting with crypto – another less considered issue for mainstream crypto adoption. “As the exchange mechanism gets cheaper and more environmentally friendly, I think you’ll see us leaning a bit more into crypto,” Khosrowshahi told Bloomberg. Tesla CEO Elon Musk has been known to decide whether or not to accept Bitcoin as a means of payment for his EVs. Musk has said he plans to accept Bitcoin again in the future once environmental concerns are resolved. Uber is currently the most widely used ridesharing company in the US, taking 70% of the market as of December 2021 – its closest competitor Lyft has 30%. At the time of writing, Uber’s market cap is $68 billion. Shares of UBER are down more than 8% since the opening of trading. They are currently trading in the $35 USD range.

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