Grab Integrates Web3.0 Services, Allows Singapore Users to Set Up Walletsby Fintech News Singapore September 11, 2023
Southeast Asian ride-hailing super app Grab has integrated Web3.0 services into its platform, allowing users to set up Web3.0 wallets, participate in blockchain rewards programmes, and even make payments using NFTs, according to crypto journalist Wu Blockchain.
Grab has yet to release an official statement regarding the launch. However, the journalist had shared snapshots of the new feature which is reportedly already available for Grab’s Singaporean users.
Grab has integrated a centralised Web3.0 wallet that is similar to Binance. This wallet does not use private keys, but instead uses a PIN password and questions and answers for account recovery.
Currently, only Polygon blockchain is supported, and only 2 types of digital assets can be stored; SG Pitstop vouchers and digital collectibles from SG Pitstop Pack.
Grab is said to be studying the expansion of the supported assets and blockchains, but for now, users should not send other digital assets to the wallet as they will not be accessible.
However, users can send digital assets from the Grab Web3.0 wallet to other wallets. Grab currently has 180 million users.