Do cryptocurrencies still have a future outside of being a store of value? Uber seems to think so. But “wen” is that future going to involve the famed “disruptor”?  Uber CEO: We will absolutely accept crypto in the future — Blockworks (@Blockworks_) February 11, 2022 Uber (ticker symbol UBER) CEO Dara Khosrowshahi told Bloomberg that […] The post Uber Plans To Integrate Crypto Payments appeared first on CryptosRus.

Uber Plans To Integrate Crypto Payments

Do cryptocurrencies still have a future outside of being a store of value? Uber seems to think so. But “wen” is that future going to involve the famed “disruptor”? 

Uber (ticker symbol UBER) CEO Dara Khosrowshahi told Bloomberg that the controversial ridesharing app will accept cryptocurrencies as payment “at some point.” However, Khosrowshahi did add that now isn’t a good time to integrate.

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  • As to why the CEO is kicking the can down the road, Khosrowshahi pointed to several things, one of them being the usual environmental impact excuse “We’re having conversations all the time,” Khosrowshahi said.
  • Though, Khosrowshahi also acknowledged the cost of transacting with crypto — another less considered issue for crypto’s mainstream adoption. “As the exchange mechanism becomes less expensive and becomes more environmentally friendly, I think you will see us leaning into crypto a little bit more,” Khosrowshahi told Bloomberg.
  • Famously, Tesla CEO Elon Musk decided to accept then unaccept Bitcoin as a form of payment for its EVs. Musk has said that he plans to accept Bitcoin again in the future once its environmental concerns are addressed. 
  • Uber is currently the most used ridesharing company in the U.S. having secured 70% of the market — its closest competitor Lyft has 30% — as of December 2021.
  • As of press time, Uber’s market cap is 68 billion USD. Shares of UBER are down over 8% since trading opened. They are currently trading in the $35 USD range.

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