Uber Will Accept Crypto in Future, Says CEO

Uber is considering joining a growing list of major firms accepting crypto as a payment method.

Popular ride-sharing firm Uber Technologies has revealed that it will eventually accept cryptocurrencies as a payment option in the future when the time is right. 

The company’s CEO Dara Khosrowshahi revealed this during a Friday interview with Bloomberg.

Not the Right Time

Khosrowshahi said the firm has been having discussions on crypto and that the reason it’s not happening so soon is because of the environmental effects caused by crypto mining operations as well as its high transaction fee.

“We’re having conversations all the time. 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,” he added.

Crypto as a Payment Option

The news comes at a time when major companies are now starting to consider or accept crypto as a payment option.

While large banks and financial institutions are planning or already offering crypto trading services to their clients, other firms like retail stores and theater chains are allowing their customers to use it as a method to pay for goods bought and services rendered.

One of the major reasons that has sparked this move is due to the growing demand for crypto by customers.

Firms that do not offer such services, especially financial institutions, now see the risk of losing their customers to those that do.

Last November, Australia’s Commonwealth Bank (CBA) said it would become the first banking institution in the country to offer crypto services. The bank noted the move was made due to increasing demand for crypto services from customers.

That same month, the largest movie theater chain in the world, AMC announced that it had started accepting crypto assets including Bitcoin (BTC), Ethereum (ETH) and others as online payment options.

Last week, the leading asset manager, BlackRock, which holds over $10 trillion in assets under management as of January 2022 disclosed plans to offer crypto trading services via its investment platform.