BUSINESS | Dec 1, 2021 | WOZINGA NEWS
Purchase crypto via GrabPay? Grab is working with cryptocurrency ahead of its digital bank launch
- Grab’s financial services division is gradually and steadily entering the crypto industry.
By Elah Mae Ariate Wozinga Staff
Grab Financial has been joining up with additional charge gateways – such as AsiaPay, Fomopay, and Revenue Group. Over the last 12 months to boost the acceptability and use of its GrabPay pockets among retailers across the area.
It increased its service provider offerings in October, including more “buy now, pay later” (BNPL) options.
Grab’s financial services division is also gradually and steadily entering the crypto industry.
Purchase digital belongings on Coinhako via GrabPay
In September, local cryptocurrency exchange Coinhako announced cooperation with GrabPay. It allow clients to purchase digital assets directly on the platform using the charge service.
Coinhako stated in a media statement that GrabPay as a fee service “beats the deposit backlog” and allows users to “purchase crypto instantaneously.”
Payments are completed instantaneously, and users only need to enter a six-digit OTP sent to their cell phone to complete the transaction.
For crypto offerings using GrabPay, they required a fixed service price of 2.5 percent. It includes all fee processing and buying and selling charges. GrabReward factors, on the other hand, should not be issued for such transactions.
Grab’s “early start” in crypto area follows its rivals
The move into the crypto space is understandable, given these digital assets have attracted widespread interest this year. Participants have flocked to the nascent market to place bets on tokens with development potential or for simply speculative purposes.
According to the report, Singapore is famous to be one of the few international locations that overtly assist cryptocurrencies and also blockchain tasks. Its crypto-friendlier rules have been paving the best way for the trade to develop and the quick tempo of asset digitalization can also be a spot of alternative.
As a result, it’s not surprising that Grab must acquire an “early start” in this sector, given that even a physical bank like DBS has been active and demonstrating its support for the digital asset via buying and selling and digital custody capabilities.