Southeast Asian ride-hailing giant Grab launches Web3 wallet: based on Polygon blockchain, capable of storing and transferring NFTs.

2023-09-08 16:22

Read this article in 7 Minutes

AI summary

View the summary

Original Title: "Southeast Asian Didi" Grab Launches Web3 Wallet: Based on Polygon Blockchain, Can Store and Transfer NFTs

Original Source: PANews

Following Starbucks and Reddit, another traditional giant Grab is trying out Web3 business based on the Polygon blockchain.

Grab is known as the Southeast Asian version of Didi and Meituan, headquartered in Singapore. As of the third quarter of 2023, Grab has over 34.9 million monthly active users. The company operates in over 500 cities in Southeast Asia, providing services such as ride-hailing, food delivery, parcel delivery, and online payment services.

According to official website news, Grab recently added Web3 wallet function on its "Finance" page of the application, allowing users to store and manage digital assets, including SG Pitstop Pack coupons and digital collectibles (NFTs). With Grab Web3 wallet, users can execute blockchain transactions, access educational articles about blockchain, view transaction history, and interact with their digital assets. However, it is not mentioned whether the Web3 wallet supports payment scenarios such as taxi rides.

This wallet currently only supports the Polygon blockchain. Within a limited time frame, Grab sponsors the network gas fees for users to send and receive transaction-related activities. Users do not need to pay any additional network fees for sending and receiving assets.

Grab said it is working hard to introduce more features for Grab Web3 wallet in the future, and is also studying the types of digital assets that can be stored in the Web3 wallet. The official also reminds users not to send any other digital assets to the Web3 wallet, as these assets will not be accessible. However, users can send eligible digital assets in Grab Web3 wallet to other wallets.

PANews has learned that currently, only users located in Singapore who have completed identity verification are eligible to use the Grab Web3 wallet. Users who have completed GrabPay wallet verification in the latest version of the app are qualified to open the Web3 wallet by clicking on the Web3 tile to continue the setup process. Once a user leaves Singapore, they will no longer be able to access their Web3 wallet. Additionally, each Grab account can only have one Web3 wallet, which is associated with the account.

It is worth mentioning that, unlike traditional Web3 wallets where users need to keep their private keys, Grab's Web3 wallet uses a PIN code. Users will be guided to create a unique Web3 PIN, which serves as the secure access code for their digital assets. This Web3 PIN is different from the user's Grab PIN and cannot be exchanged. Grab stated that for security reasons, it will not store the user's Web3 PIN, so the user needs to keep the PIN in memory. The system will require the user to set up a PIN recovery method, which includes two security questions that can help recover the Web3 PIN if the user forgets it.

As one of the main digital assets supported by GrabWeb3 wallet, SG Pitstop Pack coupons are also a new type of coupon that utilizes blockchain technology, and the ownership of these coupons will be recorded on the blockchain. This NFT coupon was tested by Grab and payment infrastructure platform StraitsX during the 2022 Singapore Fintech Festival, sponsored by Temasek, and is an example of its proprietary currency, allowing issuers to specify conditions such as validity period and merchant type when conducting digital currency transfers.

SG Pitstop's digital collectibles (NFTs) can be redeemed at four different stores across Singapore. For example, users can visit Jumbo Seafood at Clarke Quay to taste the famous chili crab. When the SG Pitstop coupon is successfully redeemed on the blockchain, the corresponding unique NFT will be added to the user's Grab Web3 wallet. Users can obtain the corresponding NFT by using the coupon to make a purchase and check in.

Grab has been exploring Web3 applications since last year. In addition to the SG Pitstop Pack coupons mentioned above, GrabPay also collaborated with StraitsX and TripleA, two cryptocurrency payment gateways, to display the new Singapore dollar stablecoin XSGD issued on the Polygon network in GrabPay accounts at partner merchants, and use it for SGD transactions.

In June of this year, Grab signed a pilot study with the Monetary Authority of Singapore, which focuses on the use of three digital assets: central bank digital currency, tokenized bank deposits, and stablecoins. Grab also tested a new digital asset-based payment system called Purpose Bound Money with Amazon and Southeast Asian financial services company Fazz.

The integration of Internet companies and Web3 is happening, and friends who are going to Token2049 in Singapore in September may want to try this service.