In a move that is likely to unlock new opportunities for the ride-hailing company, Singapore-based Grab announced that it would be incorporating a Web 3.0 wallet in its super-app. With the integration, Grab users could link their Web 3.0 wallets with its super-app, pay for rides, and other services with NFTs, among other perks.
Grab has also gotten together with the Monetary Authority of Singapore to push for the use of NFT vouchers in popular eateries and attractions in Singapore. According to crypto experts, the move could ramp up the application of the Top 10 cryptocurrencies in the region.
In the third quarter of 2023, the number of monthly transacted users on the Grab super-app stood at 34.9 million. The company is currently operational in more than 500 cities and is an all-in-one platform that offers services like food deliveries, couriers, and online payments. While Grab didn’t immediately respond to the reports, the move would be one-of-its kind in Singapore.
Earlier in June, Grab joined hands with the Monetary Authority of Singapore for a pilot study on the applications of three kinds of digital assets – stablecoins, tokenized bank deposits, and central bank digital currencies. Along with Amazon and Southeast Asian financial services company Fazz, Grab had tested escrow facilities provided by Purpose Bound Money, a newly launched digital asset-based payment portal.
Analysts who have been tracking Singapore’s cryptocurrency ecosystem believe that Grab’s latest initiative was unlikely to have an impact on live cryptocurrency prices.
About Grab:
Grab is a Singapore-headquartered company that started with ride-hailing services but has now expanded to other sectors like quick commerce and financial services. The company was launched in 2012 by Tan Hooi Ling and Anthony Tan — both of them attended Harvard Business School. Tan first got the idea for Grab while attending a conference where he saw the potential for a cost-effective ride-hailing service in Southeast Asian markets. After almost a decade in business, Grab has now expanded to verticals like offering online delivery of food, groceries, and couriers. The other services that Grab users can avail of on the platform include digital payment solutions and insurance.
Over the years, Grab has hit the headlines often with its multi-million-dollar deals which include the 2015 acquisition of Uber’s Southeast Asian operations. With the partnership, Grab became a dominant regional player and also cemented its position in the ride-hailing sector. Earlier in July, Grab also announced its plans to acquire Trans-Cab – Singapore’s third-largest taxi operator. The deal would provide Grab the control of a fleet of around 2,500 vehicles owned by Trans-Cab.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
