Southeast Asia’s leading super app, Grab, has taken a significant step into the world of cryptocurrency by introducing web3 services and a crypto wallet, primarily available to users in Singapore. This move marks Grab’s latest foray into the digital realm, as it aims to provide its users with enhanced financial services and blockchain-based rewards.
Web3 Wallet and NFT Vouchers
Users of Grab in Singapore can now access a dedicated tab under financial services to set up a web3 wallet. This wallet not only enables users to manage cryptocurrencies but also offers the chance to win blockchain-based rewards and receive non-fungible tokens (NFTs).
In a strategic partnership with the Monetary Authority of Singapore (MAS), Grab has ventured into the NFT space by offering vouchers for popular restaurants and experiences in the city. These NFT vouchers can reportedly be purchased through the cashback app Fave and can be redeemed at various events and eligible merchants in Singapore.
It’s worth noting that Grab’s web3 wallet is built on the Ethereum layer-2 scaling network, Polygon, which provides users with efficient and cost-effective transactions.
Singapore Leading the Way
Singaporeans have been at the forefront of cashless transactions, with GrabPay being widely adopted in the country, accounting for a staggering 65 million transactions. While the web3 wallet feature is currently available only in Singapore, Grab may explore opportunities to expand its crypto services to other regions.
Users have reported that the web3 wallet operates without a traditional private key but relies on a PIN password. Account recovery is facilitated through a series of questions and answers.
At present, the web3 wallet supports two digital assets: SG Pitstop vouchers and digital collectibles from SG Pitstop Pack. These offerings hint at Grab’s potential to further integrate cryptocurrencies into everyday transactions, including ride-hailing and food delivery services.
Grab’s Dominance in Southeast Asia
Often dubbed the “Uber of Southeast Asia,” Grab boasts a user base of approximately 180 million individuals across the region. With services available in eight Southeast Asian countries, including Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, Grab has become an integral part of the digital ecosystem.
Having merged with Uber in 2018, Grab now controls a substantial 75% of overall ride bookings in the Southeast Asian market. As a super app catering to various services, Grab continues to explore innovative ways to enhance the user experience, with its recent foray into crypto being the latest example.