Grab, an Uber-like riding giant in Southeast Asia, steps into the world of Web3 and includes NFT in its business model. Soon, they will have the freedom to craft a Web3 wallet through the app.
Quick Takes:
The renowned Southeast Asian company Grab has introduced its new venture in the Web3 domain with blockchain-based services. Moreover, the company has collaborated with the Monetary Authority of Singapore for payments.
Furthermore, the platform will also offer Web3 wallets and NFT rewards using the Polygon Network. These rewards and vouchers are also redeemable after dining experiences and other leisure activities in Singapore.
What’s more, the users will get to carry out payments using NFTs, streamlining transactions. Also, the wallets will be secured using a PIN password and not a private key. In case the user forgets the password, they can recover it easily using question-answer prompts.
Grab’s presence is in over 500 cities, and they serve over 180 million individuals, having a powerful influence in the Southeast Asian region. Besides, as of Q3 2023, the platform had 34.9 million active users and a varied platform, serving food and deliveries as well. Therefore, the app is known to have similar services to Uber.
Singapore recognized as one of the most crypto-friendly nations globally, will soon witness the initial launch of these Web3 services, thereby accelerating technological advancements. Earlier this year, Grab was in the news for initiating a pilot study with the Monetary Authority of Singapore. Further, this venture aims to explore the potential of digital assets.
Moreover, Grab has not stopped making its move towards a collaboration with Amazon and the Southeast Asian finance company Fazz. Additionally, they are paving the way for a new digital asset payment system called “Purpose Bound Money.” However, the key challenge ahead is establishing whether their vast user base will warmly embrace this shift towards blockchain technology.
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