Uber might accept cryptocurrency payments at “some point”, says CEO

Uber might accept cryptocurrency payments at "some point", says CEO

According to Uber CEO Dara Khosrowshahi, cryptocurrency may be used as a form of payment “at some time.” The cab booking site has been aiming to include cryptocurrency as a payment option on its platform, but the firm hasn’t revealed a precise schedule for doing so. “Will Uber take cryptocurrency in the future?” Absolutely. In an interview with Bloomberg, Khosrowshahi said, “At some point.” This “isn’t the proper time,” according to Khosrowshahi, to introduce cryptocurrency as a payment method. Uber hasn’t integrated cryptocurrency payments into its platform because of the hefty transaction costs charged by cryptocurrency exchanges, as well as the environmental impact of cryptocurrency mining, according to the CEO. Cryptocurrency mining, often known as crypto mining, is the process of adding a new block to a blockchain by executing a sequence of sophisticated algorithms that necessitate the use of high-power hardware like GPUs. Mining cryptocurrency necessitates a large amount of computational power and, as a result, a large amount of electricity. Many people believe that such energy usage causes more harm than good on a global basis. (Check out our coloumn for additional information on crypto mining and its ups and downs.) “We’re having conversations all the time,” Khosrowshahi continued, “and I think you’ll see us leaning into crypto a little bit more as the exchange mechanism gets less expensive and more ecologically friendly.” Uber told CNBC earlier this month that it is looking into ways to accept bitcoins as a form of payment. The corporation even considered buying bitcoin with corporate funds, similar to what other companies like Tesla have done, but the notion was “immediately abandoned.” If Uber joins the cryptocurrency bandwagon, it will join Microsoft, AT&T, and Wikipedia as well as a number of other tech companies. Tesla Inc recently announced that it will take Dogecoin, a meme-based cryptocurrency, as payment for its items, including the “Giga Texas” belt buckle and miniature electric vehicle models.