Southeast Asia’s Tremendous-App Seize Joins Web3 Motion, Introduces Blockchain Rewards

Southeast Asian all-in-one app Seize has added assist for a Polygon-based Web3 pockets and non-fungible token (NFT) vouchers. 

The brand new Web3 addition was created in collaboration with the Financial Authority of Singapore (MAS), Tech in Asia reported, citing a Seize spokesperson.

This can be a “quick pilot,” the particular person stated, anticipated to final till the top of this yr. 

The app now features a novel Web3 button directing all customers who click on it – at present solely in Singapore – to create a pockets on the Polygon blockchain.

The characteristic allows these customers to obtain NFT vouchers for in style providers within the nation.

The NFT vouchers may be purchased on the cashback app Fave and used on the upcoming F1 Singapore Grand Prix, in addition to at eligible retailers and eating places.

After they use a voucher, the consumer will mechanically obtain a digital collectible immediately within the pockets. 

As for the collectibles, stated the report, they depict Singapore’s well-known landmarks. They have additional use as they’re stated to carry extra rewards to their holders. 

Journalist Colin Wu reported {that a} PIN is used for the wallets, not a non-public key.

Additionally, the pockets appears solely to retailer particular vouchers and collectibles. Per Wu, it helps two varieties of digital property, including that “the official said that it’s finding out to broaden the varieties of digital property that may be saved within the Web3 pockets. […] However is ready to ship digital property from Seize Web3 pockets to different wallets.”

Seize Pilots

In the meantime, in late 2022, Seize and funds infrastructure platform StraitsX examined the issuance of “purpose-bound cash” or purpose-bound digital Singapore {dollars} (SGD) within the type of business digital vouchers.

“GrabPay, Seize’s fee service, is working with StraitsX and digital foreign money fee gateway TripleA to assist the last-mile settlement of PBM,” the press launch stated, “accomplished by accepting StraitsX’s XSGD on the Polygon chain, and reflecting the Singapore-dollar pegged stablecoin as SGD within the collaborating retailers’ GrabPay accounts.”

In June of this yr, the MAS proposed requirements for utilizing digital property on a distributed ledger, stating that Seize, Amazon, and finance firm FAZZ labored collectively on a pilot use case involving escrow preparations for on-line retail funds. 

Based in 2012, Seize has 180 million customers and serves over 500 cities in eight Southeast Asian international locations. 

It permits customers to hail a journey, order meals or groceries, ship packages, pay for on-line purchases, and entry providers resembling lending and insurance coverage. 

In accordance with its newest report, Seize “had a powerful set of outcomes for the second quarter.” Income grew 77% YoY to $567 million, and the corporate reported 34.9 million month-to-month customers, in comparison with 32.6 million in the identical quarter a yr prior. 

____

Be taught extra: 

– Sichuan Province of China Targets Metaverse Business Growth to Attain $34.4 Billion by 2025
– Prada Group Makes use of Blockchain Know-how to Confirm Authenticity of Merchandise

– Axident’s NFTs Flip Justin Bieber’s ‘Firm’ Right into a Royalty Funding, 350 Minted in 2 Minutes
– What Is Polygon Community?