Uber will start accepting Bitcoin and other cryptocurrencies as a form of payment if it benefits the business and if there is a need for it, the company’s chief executive said.
“Just like we accept all kinds of local currency, we are going to look at cryptocurrency and/or bitcoin in terms of currency to transact,” Dara Khosrowshahi said in an interview with CNBC.
“That’s good for business. That’s good for our riders and our eaters. That we will certainly look at and if there is a benefit there, if there is a need there, we will do it,” he added.
However, the global ride-hailing giant said it will not buy the digital currency with its own cash.
“We are just not going to do it as part of a promotion. It’s a conversation that’s happened that has been quickly dismissed … we are going to keep our cash safe. We’re not in the speculation business,” Mr Khosrowshahi said.
“The upside in our company is in the business that we have built, not the investments that we invest in."
As of December 31, the company had more than $5.6 billion in cash and cash equivalents, and almost $1.2bn in short-term investments.
Uber’s stock closed 3.9 per cent down at $60.7 per share on Thursday.
On Wednesday, Uber posted a full-year net loss of $6.76bn for 2020, 20 per cent lower than in 2019, as its delivery service picked up while its ride-sharing business slumped.
Revenue during the period dropped 14 per cent on the previous year to $11.1bn.
Uber, which went public in 2019, is attempting to diversify its business to hit profitability. Foray into the cryptocurrency could fuel its ambitions, industry experts said.
It has expanded its delivery business beyond meals. Last year, it acquired new businesses like Cornershop in Mexico for groceries and Postmates courier service (which delivers Apple products) while divesting others like ATG and Jump to structurally lower its cost base.
"These decisions have resulted in a much more focused and ultimately stronger company," the company’s chief financial officer Nelson Chai said.
Mr Khosrowshahi's latest comments have come after the electric vehicle maker Tesla announced earlier this week that it has invested $1.5bn in the biggest cryptocurrency.
Tesla said it is also planning to let its customers pay for its EVs in Bitcoin, expanding the use of the popular cryptocurrency in real life transactions.
Price of Bitcoin rose to $47,086.80 at 10.10am UAE time on Friday.
Global payments firm Mastercard is also reportedly planning to offer support for some cryptocurrencies on its network this year. It already allows its customers to do crypto transactions but outside the company’s formal network.
The US food and beverage company Pepsi is also discussing the options to buy Bitcoin with its cash.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
GROUPS AND FIXTURES
Group A
UAE, Italy, Japan, Spain
Group B
Egypt, Iran, Mexico, Russia
Tuesday
4.15pm: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico
