Uber IPO: Cryptocurrency will be a "great recipient"
Uber Technologies Inc. expects a valuation of around $ 100 billion when listed on the New York Stock Exchange. Big IPOs like Uber and others can bring spectacular benefits to the crypto industry. At the same time, business solutions that allow Uber users to pay with Bitcoin are now moved to the center stage.
Uber IPO: Bigger Than Bitcoin's Market Cap
On April 11, 2019, Uber sent the US Securities and Exchange Commission (SEC) to offer shares in its common stock. In the recently published prospectus, Uber does not mention the scope of the IPO, which may be one of the largest ever.
But According to The Financial Times
The company aims to raise $ 1[ads1]0 billion from its IPO and recently some of its investors reported that it could be valued at $ 90 billion to $ 100 billion, according to people who are familiar with the matter. The company was last valued at $ 76 billion in a private fundraiser in August.
The estimated valuation would thus exceed today's market capitalization on Bitcoin of about $ 89 billion.
The transport business bases its projections on its leading technology, expertise, and massive network, which includes millions of drivers, users, carriers and other participants worldwide.
In addition, in the prospectus, Uber describes economic data as follows:
- Revenue from our Rideshare products grew from $ 3.5 billion in 2016 to $ 9.2 billion in 2018.
- Gross Bookings derived from our Ridesharing Products grew from $ 18.8 billion in 2016 to $ 41.5 billion in 2018.
- Consumers traveled approx. 26 billion miles on our platform in 2018.
Uber has become ubiquitous. Its global ridesharing footprint covers 63 countries, which includes a population of over 4 billion people, as shown in the graph below: [19659000]
Digital Currency Group CEO, Barry Silbert adds
that thousands of dollars in private equity will be released from IPOs this year.
"The crypto asset class is going to be a great recipient," he says
You can already use Bitcoin
Uber Direct acceptance of payment in Bitcoin and other crypto baskets can still be far away.
Meanwhile, some uber drivers around the world are unofficially accepted by BTC instead of their local fiat currency.
For example, some users in Argentina have expressed an interest in paying for Uber with bitcoin, while some drivers would not mind receiving any bits instead of depreciating peso.
For example, a Uber driver, under the Reddit username bjandrus wrote that he already accepted bitcoin by the books for rides. However, he complains that the process is problematic because the Uber app does not support BTC payments.
It remains to be seen which riding company officially begins to accept bitcoin first.
However, indirectly Uber in bitcoin pays is already possible. For example, it is the gift certificate option from Bitrefill and others, including Coinbase e-gift cards supported in selected EU countries and Australia.
There are also third party services as well as cryptocurrency debit cards that allow you to pay for everything, including Uber, Lift etc. using bitcoin.
https://twitter.com/VenditExchange/status/1088929593577357313
How do you think IPO is the one Expected from Uber can benefit the crypto industry? Please let us know what you think in the comments below.
Pictures via Uber Technologies Inc., Shutterstock
