Grab Singapore allows users to pay with 5 cryptocurrencies

Grab officially allows its application users to deposit money into GrabPay wallet with 5 crypto coins. This feature is now available in Singapore.

Grab Singapore allows users to pay with 5 cryptocurrencies

Another positive cryptocurrency reception news comes from the island nation of Singapore. On the afternoon of March 19, 2024, Grab Singapore said that app users can now pay with cryptocurrency.

It is known that this is the result of a partnership with Triple-A, a company that allows businesses to accept crypto payments.

Grab said in the press release:

"Grab has partnered with licensed payment service provider Triple-A to enable users to fund their GrabPay Wallet with crypto tokens. The feature is now available in Singapore."

Currently, there are 5 accepted cryptocurrencies: BTC, ETH, USDT, USDC and stablecoin XSGD pegged to the Singapore dollar issued by StraitsX.

Triple-A shares:

“From delivering goods to booking a trip or paying for a coffee, the crypto community in Singapore can now use cryptocurrencies for everyday transactions.”

Spread across 8 countries in Southeast Asia, Grab is not just a simple ride-hailing application but has developed into a Super App. Last year marked this giant's step into the web3 field when Grab cooperated with Circle to integrate Web3 wallet into the application and later also cooperated with Axie Infinity to give reward points to Filipino users.

Previously, Ripple said it had officially been granted an MBI license from the Monetary Authority of Singapore (MAS), becoming a legal crypto transaction processor in the island nation.

Approved at the end of June, Ripple has completed legal procedures and officially announced that it has been granted a Major Payment Institution (MBI) license from Singapore central bank MAS.

This full licensing will allow Ripple to expand as a legal cryptocurrency service provider in Singapore.

Ripple is the third company to receive an MBI license from a government agency, after Circle in June and Coinbase recently on October 2.

Similar to Circle and Coinbase, Ripple also affirms Singapore as a key market in its business. According to Ripple CEO Brad Garlinghouse, the company has stepped up recruitment, doubling the number of employees in the past year and many other efforts to increase its presence in Singapore.

Ripple Brad CEO Garlinghouse said in a statement:

“Under MAS's leadership, Singapore has grown into one of the leading digital assets and fintech hubs, striking a balance between innovation, consumer protection and responsible growth. responsibility.”

Accordingly, Ripple intends to continue to prioritize cryptocurrency adoption in Asia Pacific, as the region is one of the company's fastest growing.

Currently, Ripple is still stuck in a lawsuit with the US Securities Commission (SEC), accusing XRP of being a security, which has lasted since 2020 until now. In July 2023, the court indirectly ruled that XRP is not a security, this is considered an important victory for Ripple in the lawsuit. Not long after, the SEC filed an appeal against the court's decision, but it was rejected by the court on October 3.

Singapore wants to become the world's cryptocurrency center, not a place for trading and speculation of this currency.

This is the statement made by Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon at the Singapore Financial Technology Festival on November 3.

Speaking at the opening of the event, Mr. Menon affirmed that the Singapore government still wants to become a center for digital assets, not a place for cryptocurrency speculation.

[Bitcoin faces difficulties in green transition]

According to this official, Singapore wants to aim for a cryptocurrency center to test this currency, apply it to specific cases or tokenize financial assets to increase efficiency and reduce risks for transactions. financial translation.

However, he affirmed that the Singapore government has no intention of becoming a center for cryptocurrency trading and speculation activities.

Currently, Singapore is tightening cryptocurrency regulations after many retail investors lost a lot of money in digital currency transactions.

Authorities in this country have repeatedly warned that cryptocurrency trading is "very risky and not suitable for the general public" due to its speculative nature and high volatility.

Even in January 2021, the Singapore Government issued a ban on advertising this type of asset in public areas and on social networks, and proposed new measures to protect investors selling Retail after Terra's Luna collapse "swept away" 60 billion USD from the cryptocurrency market.

Despite this, Singapore still supports blockchain technology and has begun implementing many projects such as the Ubin project and the Guardian project to test the application of this technology to many financial services.

Also in the above speech, Mr. Menon announced that MAS will launch the Ubin+ project, a global initiative to exchange between countries and process foreign currency transactions using wholesale cryptocurrencies of the country. central bank