Southeast Asia super-app Grab adds support for web3 services
Quick Take
- Grab, a ride-hailing super-app popular in Southeast Asia, has incorporated web3 services.
- Users can now set up a web3 wallet, win blockchain-based rewards like NFTs and more on the platform.
Grab, a ride-hailing super-app popular in Southeast Asia, has incorporated web3 services.
Users can now set up a web3 wallet, win blockchain-based rewards, pay with NFTs and more. In addition, Grab partnered with the Monetary Authority of Singapore to bring NFT vouchers for popular eats and experiences in the city, according to Grab app screenshots viewed by The Block.
Grab maintains over 34.9 million monthly transacted users as of the third quarter of 2023. The firm operates in over 500 cities and offers food delivery, package delivery, online payment services and more.
Grab did not respond to a request for comment from The Block. It appears the web3 services are first available in Singapore.
Grab in pilot trial
In June of this year, Grab signed on to be a part of a pilot study with the Monetary Authority of Singapore surrounding the use of three digital assets including central bank digital currencies, tokenized bank deposits and stablecoins. Grab, along with Amazon and Southest Asian financial services firm Fazz, has also tested escrow arrangements for a new digital asset-based payment system called Purpose Bound Money.
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