Southeast Asia’s Super-App Grab Joins Web3 Movement, Introduces Blockchain Rewards
Southeast Asia’s leading ride-hailing platform, Grab, has announced a major foray into blockchain, as the company plans to launch a new rewards system that will offer Grab drivers the opportunity to earn rewards in cryptocurrency.
The company has announced that the rewards system, dubbed “GrabRewards” will use blockchain technology to securely track and validate drivers’ activities, and reward them for their services with the option to receive cryptocurrency payouts.
This move is seen as an effort by Grab to join the growing web3 movement, and establish its position as a leader in the blockchain space. The new program is also aimed at increasing the loyalty of Grab drivers, by offering them incentives to remain active on the platform.
Grab is partnering with emerging blockchain startups to develop and implement the technology behind the rewards system, with plans to eventually expand the project to other countries where the service is offered.
The rewards system will initially be offered to drivers in Indonesia and the Philippines, and will offer rewards in cryptocurrencies such as Ethereum, Bitcoin, or other tokens. Grab’s eventual plan is for drivers in all of its eight markets in Southeast Asia to have access to the rewards system.
Grab is also planning to launch various initiatives that will require users to use blockchain technology, including a new digital wallet service that will store and manage rewards and loyalty points.
With this move, Grab is looking to capitalize on the current surge in blockchain adoption worldwide, and to demonstrate its ambition to become a key player in the web3 economy. If successful, this new initiative could be the first of many blockchain-based projects offered by Grab in the near future.