Leading Asian taxi and delivery platform Grab has launched a blockchain-based voucher promotion linked to the Singapore Grand Prix. Last year the Monetary Authority of Singapore (MAS) unveiled Project Orchid for programmable payments or purpose bound money (PBM). The Grab web3 initiative that uses NFTs is one of several PBM trials.
Conceptually, a visitor buys a voucher pack described as an “NFT voucher” because each pack is unique. Under the hood, the NFT unlocks a quantity of straitsX XSGD stablecoins with conditions attached. Users can only spend the stablecoins at certain outlets. At a few merchants, the user receives a digital collectible NFT when they make a purchase.
The web3 firms involved are the Singapore regulated stablecoin issuer straitsX, and Circle, which in this case provides its new web3 services platform rather than its USDC stablecoin. Grab uses the Polygon blockchain.
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