- Grab web3 crypto wallet is now available in Singapore, in time for Token 2049 event.
- This wallet supports the Polygon network, offers guidance on wallets and NFTs, and enables users to manage digital assets on the blockchain.
- Grab has partnered with the Monetary Authority of Singapore (MAS) to introduce NFT vouchers for popular food and experiences in SG.
Grab, Southeast Asia’s largest ride-hailing app, recently announced its foray into the web3 space by adding a crypto wallet to its platform. The web3 wallet is currently available in the Singapore region and comes with support for the Polygon wallet, as well as guidance on wallets and non-fungible tokens (NFTs). The new offerings will be exclusive to Singapore.
Features of the Grab Web3 Crypto Wallet
The venture brings web3 to a wider audience, as Grab operates in more than 500 cities with a total of 180 million patrons. As of Q3 2023, the app reportedly had over 34.9 million monthly active users.
As per the announcement, Grab’s web3 wallet will enable users to store, send, receive, transfer, track, and manage digital assets and tokens that are created and recorded on a blockchain.
Users can only use digital tokens that have been added to the wallet and have been transacted on Polygon blockchain networks and protocols. These tokens can then be used or spent at participating third-party providers.
Furthermore, Grab clarified that its wallet stores digital tokens separately from fiat currency and GrabPay Credits, which are stored in the GrabPay Wallet.
Features of the Grab Web3 Crypto Wallet
In addition, Grab has collaborated with the Monetary Authority of Singapore (MAS) to introduce NFT vouchers for popular food and experiences in the city.
Moreover, last June, Grab participated in a pilot study with the MAS, focusing on the use of three types of digital assets: central bank digital currencies, tokenized bank deposits, and stablecoins.
Prior to this, digital asset payment infrastructure StraitsX collaborated with Grab Singapore in December 2022 to pilot the use of purpose-bound money (PBM) as commercial digital vouchers during the Singapore FinTech Festival.
Grab Wallet Accessibility
The firm stressed that the service is currently only available to users of the platform who have met the eligibility requirements established by the company.
The company also noted that it retains the right to deny participation to any user at its sole and absolute discretion, without providing any reason.
Additionally, if users send or receive supported digital tokens to or from a blocked address, the company may take the appropriate measures, including freezing the tokens, terminating the user’s account, or reporting suspected illegal activity to applicable law enforcement agencies.
Grab Web3 Crypto Wallet in the Philippines Not Yet Available
In 2022, Martha Borja, Head of Grab Financial Group, emphasized during a press briefing that GrabPay, their digital payment service, is actively engaged with cryptocurrency through user wallet top-ups.
Grab Crypto Offerings in PH
Users can cash in through GrabPay on the Philippine Digital Asset Exchange (PDAX) and the mobile crypto-wallet Coins.ph, with this option available since May 2021.
Filipinos can also purchase crypto in using Grab, as well as other mobile e-wallets like GCash, Maya, and ShopeePay, in the Coinbase Wallet.
Earlier this year, Filipino-led Tetrix integrated Transak into its homegrown wallet, Pitaka. This integration provides Pitaka users with fiat on-ramp support, allowing them to purchase cryptocurrencies directly using Philippine pesos with various payment methods like debit cards, credit cards, GrabPay, GCash, Maya, and ShopeePay within the app.
This article is published on BitPinas: Grab SG Adds NFT Payments, Support for Web3 services
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.