Uber to Accept Crypto When the Industry is Environment-Friendly

Uber to Accept Crypto When the Industry is Environment-Friendly

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Ride-sharing app Uber

The CEO of Uber Technologies, Dara Khosrowshahi, has revealed that the ride-sharing application will one day accept crypto payments. However, this will happen when digital coins become more environmental-friendly and less expensive.

Uber to  Accept Crypto Payments Under Conditions

Khosrowshahi revealed Uber’s stand in an interview with Bloomberg. He acknowledged that Uber sees Bitcoin and other cryptocurrencies as a pretty valuable store of value. According to him, the company would accept cryptocurrency in the future.

However, Uber is currently being held back by the huge carbon print Bitcoin leaves on the environment, added to the fact that the exchange mechanism is quite expensive. Ride-sharing app Uber will most definitely lean towards crypto payments when these factors are reversed.

It is worth noting that this is not the first time Uber’s CEO Dara Khosrowshahi has spoken about the ride-sharing app accepting cryptocurrency. In 2021, Khosrowshahi dismissed the idea of adding Bitcoin to Uber’s balance sheet.

In an interview with CNBC, CEO of Uber Technologies, Dara Khosrowshahi, asked if there was a benefit or need in adding crypto payments. He continued that Uber may tap into the benefit and need, but not as part of a promotion.

Uber’s Affiliation with Crypto

Ride-sharing app Uber may have an already existing network to enable Bitcoin payments. Bitcoin app and debit card Fold made it possible for users to pay with Bitcoin via the Lightning Network on Uber in December 2018. Other significant retailers users can access via Fold are Amazon, Starbucks, and many more.

Uber’s executives are affiliated with Bitcoin. However, the company does not indicate that it will accept cryptocurrency any time soon.

Uber’s co-founder Oscar Salazar went and started crypto exchange platform Voyager back in 2018. Uber’s CEO Khosrowshahi is also known as an early Bitcoin advocate. He previously worked for travel-booking agency Expedia for 12 years. Expedia was among the early merchants to accept Bitcoin payments back in 2014.

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