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Uber CEO: Company might accept bitcoin payments if there is a need for it

  • Ride-hailing company Uber might accept bitcoin if there is a need for it.
  • The company said that it will not be investing in bitcoin as it is akin to speculation.
  • Uber is part of Facebook’s Diem stablecoin project.

Another major company is prepared to accept payments in bitcoin and other cryptocurrencies should there be a need for it.

In an interview with CNBC’s Squawk Box, Uber CEO Dara Khorsrowshahi said that it will be good for business to look into cryptocurrencies.

Founded in March 2009, the San Francisco-based company operates in 69 countries, has four subsidiaries, namely Uber Eats, Careem, Postmates, and Zomato. 

It’s not a promotion

The ride-hailing and food delivery service company said it will accept cryptocurrencies if it is in the best interest of Uber’s clients.

Just like we accept all kinds of local currency we are going to look at cryptocurrency and bitcoin in terms of currency to transact,” said Khorsrowshah.

“That’s good for business, that’s good for our riders and our eaters,” he continued.

Bitcoin is enjoying a stellar run and with Tesla recently announcing the purchase of bitcoins worth $1.5 billion, many companies could be looking to associate themselves with cryptocurrencies.

However, the CEO said that the company is not doing this for promotional purposes.

“We are not just not going to do it as part of a promotion,” he added.

What about adding bitcoin to the treasury?

With more publicly-traded companies converting their balance sheets into bitcoin, the company downplayed the possibility of this happening and said that it is not contemplating investing in bitcoin.

The company has held this discussion before and came to the conclusion that Uber’s cash will be kept as it is.

“It was a conversation that happened that has been quickly dismissed. We’re going to keep our cash safe,” said Khosrowshahi.

“We’re not in the speculation business,” he added.

According to Tesla, whose CEO Elon Musk has a huge effect on the cryptocurrency market, they made the bitcoin bet “for more flexibility to further diversify and maximize cash returns.”

Uber has been involved in crypto before

This is not the first time that the firm has been associated with the cryptocurrency industry.

In 2019, Uber became a founding member of Facebook’s ambitious stablecoin project Libra.

After failing to hit the ground due to regulatory challenges, Facebook’s Libra project rebranded to Diem.

Uber chose to remain as part of the Libra Association after a few companies – Bookings Holdings, eBay, Mastercard, Mercado Pago, PayPal, Stripe, and Visa Inc. – left the organization.

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