Southeast Asian Uber "Grab" launches Web3 wallet! Send, manage NFT collections, how to use in one go

The Southeast Asian super app "Grab," which covers services like ride-hailing, food delivery, courier services, and investments, recently launched Web3-related features. Users can now create a blockchain wallet within the app to manage their digital assets. How this feature is utilized, any special events related to it, and its connection with the Singaporean government will all be explored in this article!

Southeast Asian Uber "Grab" Launches Web3 Wallet

Currently, users can find the "Web3" option in the financial services within the payment feature while using Grab. According to the official website, this is a digital wallet based on Polygon that allows users to store and manage digital assets, as well as engage in blockchain transactions.

Within the Web3 wallet, users can access basic blockchain educational articles, view their held NFTs, and transaction records.

However, it is important to note that Grab currently only supports digital assets like SG Pitstop vouchers and SG Pitstop Pack digital collectibles. Sending other cryptocurrencies to this wallet will not be received. Additionally, this feature is currently only available in Singapore.

Note: The SG Pitstop Pack is a combination pack available for purchase on an app similar to Fave called FunNow, containing SG$14 worth of vouchers as shown below, which can be used within Grab, and one of the four digital collectibles. To acquire other collectibles, users can simply use the vouchers at specified stores, as detailed in the event details.

How to Create Grab's Web3 Wallet

To utilize Grab's Web3 wallet feature, users must first undergo identity verification via GrabPay before proceeding with wallet creation.

This wallet differs from typical blockchain wallets in that users do not need to record a mnemonic phrase. Instead, they simply set a brief Web3 PIN as the wallet password, establish a PIN recovery method to prevent password loss, and upon agreeing to the terms of use, the wallet creation is completed.

Singapore Orchid Project Showcases Development Results

According to previous reports, the Monetary Authority of Singapore (MAS) introduced a project in 2021 called the Orchid Project. The project's first phase objective aims to establish Purpose-bound Money (PBM) built on the concepts and functionalities of programmable payments and programmable currency.

Purpose-bound Money can have specific usage conditions programmed through smart contracts, such as designated payment dates or usage limited to certain stores, enabling transfer between parties without intermediaries.

As for the potential use cases of this token, the project mentions payment of taxes, corporate vouchers, and reward points. When received by merchants, they can directly convert it into the underlying digital Singapore dollar.

Learn more about the Orchid Project: Singapore's digital currency "Orchid Project" pilot, DBS Bank collaborates with the government to settle with vouchers

As a company headquartered in Singapore, Grab is also involved in this project. From the aforementioned use cases, SG Pitstop vouchers serve as a form of Purpose-bound Money that can be used for discounts directly at specific stores, along with NFT collection activities, further promoting the potential usage of this token.