In a significant move, Southeast Asia’s super-app giant Grab, has launched a web3 wallet designed specifically for its Singaporean user base.
The technology behind the new feature is provided by Polygon, a platform striving to establish a multi-chain blockchain system compatible with Ethereum.
According to reports initially covered by The Defiant, Grab’s web3 wallet is gaining attention among users in Singapore. The wallet facilitates payments using XSGD, a stablecoin backed by the Singaporean dollar and issued by StraitsX.
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Polygon has described this new offering as a “Polygon-based Web3 Wallet for digital payment vouchers and collectibles.” It aims to showcase the practical application of dedicated funds for commercial payments using StraitsX’s XSGD.
The emergence of Grab’s web3 wallet has garnered additional attention since Circle, the company responsible for the USDC stablecoin, revealed its involvement in providing technology for Grab’s web3 wallet pilot in Singapore on September 14th.
With a substantial user base of 180 million individuals, Grab offers a wide array of services, including banking, food delivery, car rentals, and insurance.
Last week, Circle Internet Financial announced a partnership with Grab to pilot Web3 customer experiences in Singapore by integrating the former’s new Web3 Services platform into the latter’s app.
Grab Web3 Wallet allows them to create a blockchain-powered wallet, accumulate rewards and collectibles, and utilise NFT vouchers. In its initial phase, the wallet enables users to employ SG Pitstop Pack NFT vouchers at well-known establishments and attractions across Singapore, coinciding with the upcoming F1 Singapore Grand Prix.
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