Grab, a prominent e-hailing and food delivery platform in Southeast Asia, has introduced a new feature that allows Grab Pay users in Singapore to conveniently top up their e-wallet balances using cryptocurrencies.

In collaboration with digital assets payment provider Triple-A, Grab integrated this feature on March 12, as reported by the Straits Times. Triple-A, which recently raised $10 million in Series A funding in October, obtained a license from the Monetary Authority of Singapore (MAS) in 2021.

Currently, Grab has introduced five cryptocurrencies within its platform. These include Bitcoin, Ether, USD Coin (USDC), Tether (USDT), and the Singapore dollar-backed stablecoin XSGD. Users can now utilize these cryptocurrencies to add funds to their Grab Pay e-wallets seamlessly.

For the most accurate and up-to-date information on Grab’s cryptocurrency integration and related developments, it is advisable to refer to reliable news sources or official statements from Grab and Triple-A.

Triple-A stated, “Digital currency owners in Singapore can now use digital currencies for everyday transactions, from arranging deliveries to booking rides or paying for coffee at their nearest shop.”

Grab has streamlined the process to make it user-friendly. Users can send their cryptocurrencies to a wallet provided by Grab or make use of a QR code for seamless transactions. This simplifies the integration of digital currencies into Grab’s ecosystem, allowing users to conveniently utilize their cryptocurrencies for various services offered by the platform.

For detailed instructions and further information on how to utilize cryptocurrencies on Grab for everyday transactions, it is recommended to consult Grab’s official resources or conta                               

 

In September, Grab made its initial foray into the Web3 space through a partnership with Circle, a global payments company that supports the USDC stablecoin. This collaboration allowed Grab users in Singapore to create a blockchain-enabled wallet, enabling them to earn rewards and collect NFT vouchers.

In October, Grab expanded its support for Web3 by introducing a Web3 wallet based on the Polygon network, in collaboration with the Monetary Authority of Singapore (MAS). However, this initiative was described as a “short pilot” and concluded at the end of 2023.

Grab, founded in 2012, has amassed a user base of 180 million and operates in over 500 cities across eight Southeast Asian countries. The company’s expansion into the Web3 space demonstrates its interest in exploring the potential of blockchain technology and cryptocurrency-related offerings.

To stay updated on Grab’s latest developments and initiatives in the Web3 space, it is advisable to follow official announcements from the company or refer to reputable news sources.

Crypto Payments in Singapore: Exploring the Existing Landscape

In 2020, Ryde, Singapore’s first carpooling app, introduced Bitcoin payments to its platform. Users were able to store and convert Bitcoin to Ryde’s native cryptocurrency called RydeCoin, with no transaction costs involved.

During that time, Ryde positioned itself as the world’s first cryptocurrency wallet that allowed users to pay for rides using Bitcoin within its own e-wallet.

However, it’s worth noting that Ryde was not the first to implement cryptocurrency payments for ride-sharing services. In 2018, Fold, a payment platform, partnered with Uber to enable users to pay for Uber rides using Bitcoin through an integration.

The adoption of cryptocurrency payments in the ride-sharing industry showcases the growing interest and acceptance of digital currencies as a means of transaction. To stay updated on the latest developments regarding cryptocurrency integration in ride-sharing services, it is recommended to follow official announcements from the respective companies or refer to reliable news sources.

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