Southeast Asia-based super app Grab has incorporated web3 services and a crypto wallet. However, the new addition appears to be limited to Singapore at the moment.
On September 7, screenshots of the new additions to Grab started appearing on X (formerly Twitter), sparking speculation of a wider embracement of crypto.
Web3 Wallet Addition
Grab users in Singapore can now access a new tab under financial services to set up a web3 wallet. Furthermore, the new wallet also offers chances to win blockchain-based rewards and receive NFTs.
According to reports, Grab has also partnered with the Monetary Authority of Singapore (MAS) to offer NFT vouchers for popular restaurants and experiences in the city.
The NFT vouchers can be bought on the cashback app Fave, according to reports. They can then be used at events such as the upcoming F1 Singapore Grand Prix as well as in eligible merchants around the city.
Moreover, the web3 wallet is based on the Ethereum layer-2 scaling network Polygon. Users were quick to share screenshots of the new offering:
Singaporeans are known as the biggest GrabPay users, with cashless transactions in the country totaling 65 million.
BeInCrypto tried the Thailand version of the Grab app, but there was no visible Web3 tab or wallet.
Colin Wu, who tested the Grab Web3 wallet, said there is no private key but a PIN password, adding that questions and answers are used to restore accounts.
Currently, the web3 wallet can only support two types of digital assets, including SG Pitstop vouchers and digital collectibles from SG Pitstop Pack, he added
In October 2020, Grab partnered with payments infrastructure platform StraitsX to pilot programmable digital money payments.
Find out which is best in our guide to the 15 Best Web3 Wallets
Southeast Asian Uber
Grab is the Uber for Southeast Asia, with around 180 million users, according to reports.
The ride-hailing and food-delivery app is the most downloaded in the region, with 24 million monthly transacting users.
Grab services 480 cities across eight Southeast Asian countries: Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
In 2018, the company merged with competitor Uber and now controls 75% of overall ride bookings in the region.
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