Uber reaffirms Uber Money Venture into Crypto 2020

Uber taxi

Facebook has brought more than a dozen partially known investors on board for its planned new cryptocurrency, according to a press report. Among the supporters are the two credit card companies Visa and Mastercard, the payment service provider Paypal as well as the travel service provider Uber. This was reported by the “Wall Street Journal” on Friday with reference to people familiar with the matter. The new digital currency called Libra is to be introduced next week, and Facebook plans to launch it next year. A company spokeswoman did not want to comment on the report according to the newspaper.

The investors from the financial, e-commerce, telecommunications and investment scene would each invest around 10 million dollars (around 8.9 million euros) in the new currency. The money should initially flow into development. According to insiders, Libra will be tied to several state currencies. In this way, Facebook wants to avoid the sometimes abnormal exchange rate fluctuations that occur again and again with other cryptocurrencies.

Uber and Facebook have been working on the project for more than a year. The companies intend to raise a total of around one billion dollars for this project. The report now quoted the insiders as saying that some talks are still in progress. According to the insiders, the final composition of the partners could still change.

Future of Uber Plans and other Online Services

In future, Facebook users and Uber riders will not only be able to exchange Libra and money from their Uber Wallet with each other and use it for purchases via the social network and the services like Uber eats, but will also be able to use it for transactions on the Internet and pay for credits in online gaming portals like Mrbetgames. How exactly the currencies will work, however, is not yet clear even to some of the investors. Some of them had expressed concerns that Libra and Uber money, like many other digital currencies, could be misused for money laundering or terrorist financing. It is clear, however, that neither Facebook nor the individual partners like Uber involved in the project will directly control the currencies.

Digital cryptocurrencies such as Bitcoin have been around for around ten years. Trading and exchanging digital currencies is done using blockchain technology. In summary, each transaction is checked by all connected computers. This is intended to prevent fraud and misuse. So far, no cryptocurrency has been able to establish itself as a regular digital means of payment with eg. an Uber Wallet, as such currencies fluctuate greatly in value.

Uber Company now also with Focus on Health Sector

With the help of its subsidiary Uber Health, Fahrdienst Uber is now increasingly focusing on the healthcare sector. As a result, the subsidiary has now taken the first step and entered into a partnership with the blockchain startup “Solve. Care”. Through this approach, Uber intensifies its own efforts in the blockchain sector.

Uber Health uses blockchain in the health sector

The mobility provider Uber Services is entering the healthcare sector with the help of its subsidiary Uber Health. According to a July 9, 2019 report by the blockchain startup Solve Care, the two companies have entered into a strategic partnership. For Uber, this decision is relevant in order to keep up with the competition – Lyft recently announced its entry into the healthcare sector. However, cooperation with Solve Care also means that Lyft will make the leap into the blockchain market. For the time being, the focus of the technological realignment will be on the healthcare sector. In addition, the companies emphasize that Solve Care customers will also be able to pay the US mobility provider via cryptocurrency in the future.

Revolution of the Health Care Market through the Use of Uber-paid Services and Blockchain

According to Dan Trigub, Managing Director of Uber Health, patient transport in the USA is a serious problem. As a result, around 3.6 million Americans miss medical appointments each year due to a lack of transportation. This results in primary care costs of 150 billion US dollars. The company’s services and APIs are compliant with the U.S. Health Insurance Portability and Accountability Act (HIPAA), which means that Uber Health can also cooperate with third parties.

Accordingly, in the future, it will be possible to pay for patient transport using cryptocurrencies. However, there is a decisive restriction for users here, as the service cannot be used in emergencies or in official emergency vehicles. Nevertheless, this is an extension of the existing business model and supports Uber Health in the further adaptation of blockchain technology.


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