Singapore Grab Users Can Top Up in Crypto Including XSGD
Superapp Grab is allowing its users to top up with cryptocurrency in Singapore, building on its payments ecosystem.
Powered by crypto payments provider Triple-A, the collaboration introduces five cryptocurrencies to the platform: Bitcoin, Ethereum, USDC, USDT, and Singapore Dollar-backed stablecoin, XSGD. The feature is accessed under the same section as topping up in Fiat. The process is simple enough; users can send their crypto to a wallet provided by Grab or via a QR code.
Xfers, the parent company of Triple-A, obtained in-principle approval (IPA) for a major payment institution license (MPL) from the Monetary Authority of Singapore (MAS) in January 2024.
XSGD is offered by Fazz, which was formed after a merger between Xfers and Payfazz. Fazz is also behind StraitsX, which also received an IPA for an MPL from MAS.
Topping up in crypto on Grab is exclusively available in Singapore but the Malaysian multinational tech firm could expand the service in the future. Grab will “continue to monitor user adoption and respond to demand for such services,” the firm said in a statement to TIA.
The endeavor is not the first time Grab and Triple-A have partnered up. In 2021, the pair came together to build the GrabPay wallet.
Grab has actively been making strides into Web3. Last year, Grab launched a Web3 wallet, allowing users to earn blockchain-based rewards and make payments using NFTs.
Hosted on Polygon, digital vouchers and collectibles in the form of NFTs were made available for the 2023 F1 Singapore Grand Prix. The NFTs could be used at merchants including the Mint Museum of Toys and Jumbo Seafood restaurants.
The SG Pitstop Pack collaborated with UOB, StraitsX, and Fave, and explored Purpose-Bound Money under MAS's Project Orchid.
Triple-A is also making strides in Singapore's digital assets adoption scene. In January, the payments firm partnered with AXS to offer Singaporeans the option to pay for AXS services with crypto.
"Users benefit from expanded payment options and increased convenience for their bill payments," AXS said in a statement. Its CEO, Eric Barbier, highlighted, "By accepting digital currencies, AXS can enjoy reduced processing times and fees."