 "Flipkart")
E-commerce firm Flipkart has formed a strategic partnership with Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain technology. The collaboration aims to support the way consumers safely and easily interact with the Web 3.0 ecosystem. This collaboration will also provide avenues for brands to innovate and enhance customer experiences, as being explored via the FireDrops platform.
'India is fast emerging as the global hub for innovation in Web3,' said Ravi Krishnan, Head of Flipkart Labs. 'As we look ahead at how the new generation engages with brands, they seek a more personalised and interactive experience, and brands realise they can no longer apply broad strategies across audience segments. In this context, digital assets and Web3 have become essential tools to engage with customers effectively. Fireblocks' role is crucial in safeguarding these assets, enabling us to develop and scale. In the next decade, Web3 will be transformative for the e-commerce space.'
FireDrops is an endeavour to create a safe and scalable brand engagement programme on the blockchain, where wallets seamlessly spun by Fireblocks allow users to easily interact with Web3. Fireblocks has set up 3.6 million wallets for Flipkart users, with a majority of them created in the past few months. Flipkart has over 500 million users with more than 150 million products across 80 categories.
'We are excited to collaborate with Flipkart to provide them with a resilient, enterprise-grade platform upon which they are building their technology solutions, so they can enhance the shopping experience for users and redefine e-commerce,' said Stephen Richardson, Head of APAC and Managing Director, Financial Markets at Fireblocks. 'Through FireDrops, a familiar user experience has been created for millions of Indians interested in collecting their first NFT (non-fungible token), making digital ownership more accessible and lowering the barrier to entry into the world of Web3.'
Fireblocks' wallets-as-a-service allows Flipkart to embed privacy-preserving blockchain wallets directly into their mobile application, providing users with seamless onboarding into their first Web3 experience. With Fireblocks, Flipkart can automate and scale wallets and enable NFT creation to support millions of new users
