Grab Launches Web3 Wallet For Singaporean Users
Grab’s Web3 Wallet Leverages Polygon’s Technology, Supports SGD Payments and NFT Vouchers
By: Samuel Haig •DeFi News
Polygon has confirmed that Grab, a so-called “super app” for the Southeast Asian region, has launched a web3 wallet for Singaporean users leveraging its technology. Payments are executed via XSGD, a Singapore dollar-backed stablecoin issued by StraitsX.
“Grab has shipped a Polygon-based Web3 Wallet for digital payment vouchers and collectibles,” Polygon said. “The Grab Web3 Wallet enables a real-world demonstration of purpose-bound money for commercial payments with StraitsX's XSGD.”
The web3 wallet was first spotted by Singaporean Grab users a fortnight ago. Circle, the company behind the USDC stablecoin, also revealed it was providing technology for Grab’s Singaporean web3 wallet pilot on Sept. 14.
The news is significant due to Grab’s position as a super app comparable to WeChat’s presence in China. Grab boasts a user base of 180M users and offers a wide range of services including banking, food delivery, car rentals, and insurance.
However, Grab’s wallet offers a centralized experience, with users logging in via a PIN number rather than a private key.
The wallet also supports XSGD and SG Pitstop Pack NFT vouchers — digital vouchers sold at local stores in celebration of last weekend’s Formula 1 Singapore Grand Prix. The wallet facilitates transactions without users needing to hold native network tokens. However, it does not support other digital assets, such as ETH.
Polygon noted that the NFT vouchers can be exchanged for physical items in Singapore or redeemed for digital collectibles. Grab’s web3 wallet exclusively supports the Polygon PoS Chain.