Walmart-owned Flipkart partners with a digital asset custody platform Fireblocks; Here's why

Walmart-owned ecommerce giant Flipkart has announced a strategic partnership with Fireblocks, an enterprise platform for managing digital asset operations.

According to the company's statement, the partnership aims to transform how consumers interact with the Web 3.0 ecosystem, offering a safer and more straightforward way for users to engage with blockchain technology. The partnership is expected to revolutionize consumer-brand interactions in the digital space, the release notes.

What is FireDrops?

FireDrops is a blockchain-based brand engagement program, which aims to provide a seamless and scalable platform for brand interaction, leveraging Fireblocks' technology to create user-friendly wallets. 

It is designed to enhance customer experiences, offering personalized and interactive brand engagement through digital assets and NFTs (non-fungible tokens).

Focusing on personalised customer engagement 

Ravi Krishnan, Head of Flipkart Labs, emphasizes the importance of personalized customer engagement and the role of digital assets in achieving this. He believes that Web3 will be transformative for e-commerce, particularly in India, where Flipkart is poised to lead this digital revolution.

"Fireblocks' role is crucial in safeguarding these assets, enabling us to develop and scale. FireDrops, one of the web3 offerings, is among many that we are excited about. In the next decade, web3 will be transformative for the e-commerce space, and India and Flipkart are the perfect sandbox for how digital assets may blur the lines between gamification and retail experiences," Ravi said.

Securing digital assets

Fireblocks plays a crucial role in this partnership by providing a secure, enterprise-grade platform for managing digital assets. 

“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 & 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, making digital ownership more accessible and lowering the barrier to entry into the world of web3," Stephen added.

How is Fireblocks beneficial for Flipkart?

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. The company said that it can automate and scale wallets and enable NFT creation to support millions of new users on FireDrops.

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