Popular ride-hailing super-app Grab has taken a leap into the world of web3, offering its users a range of blockchain-enabled features.
Popular ride-hailing super-app Grab has taken a leap into the world of web3, offering its users a range of blockchain-enabled features.
Grab users can now set up web3 wallets, participate in blockchain rewards programs, and even make payments using NFTs. The company has also collaborated with the Monetary Authority of Singapore to introduce NFT vouchers for various popular dining and experiential offerings within the city.
While Grab has not officially commented on this development, journalist Wu Blockchain shared screenshots from the Grab app revealing the integration of these web3 services, initially available in Singapore.
Grab has a sizable user base of about 34.9 million monthly transactional users across Southeast Asia as of the third quarter of 2023. Grab operates in over 500 cities, providing additional services such as food and package delivery, as well as online payment options, in addition to ride-hailing.
Grab's foray into web3 technology follows its involvement in a pilot study performed earlier this year by the Monetary Authority of Singapore. The study looked into the use of digital assets such as central bank digital currencies, tokenized bank deposits, and stablecoins. In addition, Grab, in conjunction with Amazon and Southeast Asian financial services provider Fazz, experimented with escrow agreements for Purpose Bound Money, a revolutionary digital asset-based payment system.
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