Southeast Asia’s leading super app, Grab, has ventured into the web3 domain, unveiling a crypto wallet for its users. Presently, only users in Singapore can benefit from this innovative integration.
Unveiling on X Sparks Interest
On September 7, intriguing screenshots of Grab’s new features began surfacing on X. This stirred discussions, hinting at Grab’s potential broader embrace of cryptocurrency.
Singapore-based Grab enthusiasts can now navigate a fresh tab dedicated to financial services. Here, they can initiate their journey with a web3 wallet. More enticingly, this wallet promises opportunities to snag blockchain-driven rewards and even coveted NFTs (Non-Fungible Tokens).
Reliable sources hint at a promising collaboration between Grab and Singapore’s Monetary Authority (MAS). The fruit of this partnership? NFT vouchers are redeemable at renowned dining outlets and thrilling experiences throughout the city.
The NFT vouchers, as per reports, are accessible for purchase via the cashback app, Fave. Event-goers can redeem these at sought-after events like the impending F1 Singapore Grand Prix or at select merchants citywide.
Technical Insight: Grab Web3 Wallet on Ethereum’s Polygon Network
At its core, the Web3 wallet stands proudly on Ethereum’s layer-2 scaling network, Polygon. Eager users wasted no time sharing glimpses of this latest addition.
Singapore, renowned for its tech-savvy populace, witnesses an impressive 65 million cashless transactions. Notably, Singaporeans top the list as predominant GrabPay aficionados.
Colin Wu, an early user, disclosed that the Grab Web3 wallet ditches the traditional private key. Instead, it opts for a PIN password. Intriguingly, a Q&A mechanism exists for account recovery. Furthermore, he highlighted that the wallet accommodates only two digital assets: SG Pitstop vouchers and collectibles.
Previous Endeavors: Grab’s Dive into Digital Payments
Rewinding to October 2020, Grab joined hands with the payment platform StraitsX. Their mission? Experimenting with programmable digital money transactions.
Often dubbed the ‘Uber of Southeast Asia,’ Grab boasts a massive user base, clocking in at around 180 million. This ride-hailing and food-delivery giant is the region’s most downloaded app, boasting 24 million monthly active users.
Its services span 480 cities in eight Southeast Asian nations, including Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
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