Grab Ventures into Web3 with Blockchain-Enabled Features

web3, offering its users a range of blockchain-enabled features

In a move that solidifies the intersection of emerging technologies and the real-world consumer market, ride-hailing giant Grab has unveiled a suite of blockchain-powered functionalities within its app. This transition to web3 features showcases how mainstream businesses are adapting to the ever-evolving digital landscape.

Beginning in Singapore, Grab’s user base will now have the ability to:

  • Set up their very own web3 wallets.
  • Engage in blockchain-based reward schemes.
  • Facilitate transactions using Non-Fungible Tokens (NFTs).

One of the most intriguing developments from this roll-out is Grab’s collaboration with the Monetary Authority of Singapore. This joint venture is focused on offering NFT vouchers, which users can redeem at various dining and experience-driven outlets within Singapore.

While the company has remained tight-lipped about this new venture, renowned journalist Wu Blockchain shed light on the integration by sharing screenshots from the Grab app, giving the public a first look at these web3 capabilities.

With a robust monthly user interaction, totaling approximately 34.9 million across Southeast Asia, and operations in over 500 cities, Grab’s embrace of blockchain technologies is set to influence a vast audience. The platform’s services already encompass a variety of sectors, including food and parcel delivery and digital payment solutions.

This recent pivot to web3 isn’t the company’s first foray into the digital assets domain. Earlier in 2023, Grab was a pivotal participant in a research initiative spearheaded by the Monetary Authority of Singapore. This investigative study delved deep into the potential and practicality of using digital currencies like tokenized bank deposits, central bank digital currencies, and stablecoins. 

Moreover, in an ambitious collaboration with e-commerce titan Amazon and the prominent financial institution Fazz from Southeast Asia, Grab explored escrow arrangements for a groundbreaking digital asset payment mechanism, known as Purpose Bound Money.

With this leap into the world of web3, Grab is positioned not only as a leader in ride-hailing but also as a pioneer in the integration of blockchain technologies within everyday consumer applications. The unfolding of this venture will undoubtedly be closely watched by industry insiders and consumers alike, eager to witness the transformative potential of web3 in the global market.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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