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

Uber Technologies has reiterated that it is considering accepting cryptocurrencies as payment. The CEO of the ride-hailing company said the firm was constantly watching the crypto space as it saw a lot of value in cryptocurrencies. However, he added that the time is not yet right for the company to implement crypto payments.

Uber is still observing the crypto industry

In an interview with Bloomberg today, the CEO of Uber, Dara Khosrowshahi, said that the company frequently has conversations about accepting crypto. He stated that the consensus at Uber at the moment is that the time is not yet right to accept the digital assets as payment for its ride-sharing and food delivery services.

The chief executive named the reasons for the current stance. While Bitcoin and other cryptocurrencies were useful as a store of value, they have largely expensive exchange mechanisms and were not good for the environment, he said. However, when crypto becomes more cost-efficient and environmentally friendly, the company will give it a shot.

 As exchange mechanism becomes less expensive and becomes more environmentally friendly, I think you will see us leaning more into crypto a little bit more. So we’re absolutely watching it, Khosrowshahi said.

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The chief executive has previously shared a similar stance on accepting crypto at Uber. Last year, Khosrowshahi dismissed the notion of Uber adding Bitcoin to its balance sheet. Similarly, he stated that the company had plans of accepting crypto.

Institutional crypto adoption still on the rise

While Uber has put off accepting crypto for its reasons, several other companies are working to adopt crypto and blockchain technology. Recently, more firms have been adding cryptocurrencies including Bitcoin and Ethereum to their balance sheet or building blockchain infrastructure. Apple recently revealed that a new feature on its Apple Pay will integrate payment with digital wallets.

Several cryptocurrencies, including memecoins like DOGE and SHIB, have also been getting accepted as payment for goods and services. Dogecoin 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.