Polygon, an Ethereum layer-2 scaling network, is expanding its reach through two pivotal collaborations with Southeast Asia’s super app Grab and South Korea’s financial behemoth Mirae Asset Securities. These partnerships are indicative of Polygon’s growing influence in both consumer and institutional blockchain adoption.

On September 7, Grab unveiled its new Polygon-based web3 wallet, a feature currently exclusive to its Singaporean users. The wallet was introduced through screenshots shared on social media platform X, formerly known as Twitter.  Integrated into Grab’s financial services tab, the wallet offers more than just a platform for digital asset transactions. It also provides opportunities for users to earn blockchain-based rewards and acquire NFTs. 

Colin Wu, a tech analyst who tested the wallet, noted that it employs a PIN password for security. The wallet currently supports two types of digital assets: SG Pitstop vouchers and digital collectibles from the SG Pitstop Pack.

In addition to the wallet, Grab has entered into a collaboration with the Monetary Authority of Singapore (MAS). Through this partnership, Grab is offering NFT vouchers that could be purchased on the cashback app Fave. These vouchers are redeemable at various events and establishments, including the upcoming F1 Singapore Grand Prix.

On the institutional front, Mirae Asset Securities, which manages over $500 billion in assets, has formed a strategic partnership with Polygon Labs. The collaboration aims to advance the tokenization of financial assets and promote the adoption of Web3 technologies. Ahn In-sung, head of the digital assets division at Mirae Asset Securities, highlighted the partnership’s strategic importance. 

Polygon Labs will play the role of a technical consultant in The Mirae Asset Security Token Working Group. This group is working to create infrastructure for tokenized securities and includes several other companies. It operates independently from Mirae’s existing security token consortium, Next Finance Initiative (NFI).

Sandeep Nailwal, Polygon Lab’s Executive Chairman, commented on the partnership with Mirae, stating: 

Mirae is a great example of a progressive, forward-looking company that aims to stay up to date with the constantly evolving world of digital finance. Its foray into tokenization will undoubtedly help accelerate the mass adoption of web3 among other financial institutions.

In a previous collaboration, Grab had partnered with payments infrastructure platform StraitsX to pilot programmable digital money payments. StraitsX’s Singapore dollar stablecoin, XSGD, is also integrated into the Polygon chain, further strengthening the interconnected ecosystem involving Grab, StraitsX, and Polygon.