Drivezy’s Bold Move

While Uber may still be sitting on the fence regarding Bitcoin, Indian car-sharing company Drivezy has taken the leap with a resounding $10 million in funding. This self-drive rental service isn’t just revving its engines; it’s gearing up for an ICO too! With over 1,300 vehicles and a presence in four cities, Drivezy is not just a small player in the game.

The Funding Breakdown

Drivezy raised this substantial amount through a mix of debt and equity, with major backers including Axan Partners, who pumped in $5 million. A consortium of Indian banks also joined the party with another $5 million in debt. This kind of financial backing indicates that Drivezy is not just cruising along, but actively accelerating toward its growth goals.

Embracing the Crypto Wave

Drivezy’s CEO, Ashwarya Pratap Singh, has made it clear that the future is about sharing. With the increasing interest in Bitcoin among Indians, the time was ripe to incorporate this cryptocurrency into their business model. But the ride doesn’t stop there—Drivezy is planning a public offering of its own digital token to raise approximately 17,625 ETH (about $5 million), aiming to leverage blockchain technology to enhance transparency in car-sharing.

Navigating Regulatory Waters

The road to accepting cryptocurrency is not smooth in India, as it operates in a regulatory grey area. Drivezy is cleverly circumventing potential red tape by launching its ICO in Japan and exclusively targeting accredited investors. This strategic move allows them to sidestep any backlash from Indian regulators who may spring into action.

Handling the Volatility Beast

One of the major speed bumps that companies face when accepting Bitcoin is its notorious price volatility. Drivezy has teamed up with Unocoin, a payment processor, to shield themselves from this risk. Customers can pay in Bitcoin, but Drivezy cleverly converts the payment into rupees, mitigating any potential losses. Just remember: if you’re getting a refund, you might find either more or less Bitcoin in your wallet, depending on the market’s mood!

Why Uber is Pumping the Brakes on Bitcoin

When it comes to giants like Uber, the stakes are higher. The complexity of operating in multiple jurisdictions means they face a labyrinth of regulations, making decisions like accepting cryptocurrency far more challenging. For them, the potential benefits of opening their doors to a relatively niche market may just not be worth the hassle. Plus, Uber has enough on its plate right now, from regulatory battles to internal culture crises.