Grab, the ubiquitous super app known for its wide range of services including ride-hailing, food delivery, and digital payments, is now venturing into the world of cryptocurrencies. Partnering with Triple-A, a licensed payments provider, Grab has introduced a new feature allowing users to make payments using five different cryptocurrencies.
Presently available only in Singapore, this new payment option enables users to top up their GrabPay Wallet using Digital Payment Tokens. The supported cryptocurrencies include bitcoin (BTC), ether (ETH), XSGD (StraitsX’s Singapore dollar-backed stablecoin), USDC (Circle’s US dollar-backed stablecoin), and USDT (Tether’s US dollar-backed stablecoin).
“From arranging deliveries to booking rides or paying for coffee at their nearest shop, digital currency owners in Singapore can now use digital currencies for everyday transactions,” Triple-A stated. This move marks a significant step towards integrating cryptocurrencies into everyday life in the city-state.
This development also aligns with Grab’s broader strategy in the Web3 space. In September 2023, Grab announced plans with Circle to pilot a Web3 wallet within the Grab super app, further solidifying its commitment to exploring the potential of blockchain technology and decentralized finance.
However, the announcement comes amidst Singapore’s cautious stance towards cryptocurrencies. The country’s current president, Tharman Shanmugaratnam, has previously expressed skepticism, referring to crypto as “purely speculative” and “slightly crazy.” Nonetheless, Singapore continues to embrace innovation, and Grab’s foray into cryptocurrency payments could signal a shifting attitude towards digital assets in the country.
While the move may be unexpected, it reflects Grab’s innovative spirit and its ongoing efforts to provide users with convenient and cutting-edge services. As the popularity of cryptocurrencies continues to grow, Grab’s decision to embrace this trend could position it at the forefront of the digital payment revolution in Singapore.
(Source: Coin Desk | The Block | Crypto Briefing)
