Flipkart partners with Fireblocks for consumer engagement in Web3

Ecommerce marketplace Flipkart has partnered with Fireblocks, an enterprise platform for blockchain operations, to transform the way consumers engage with the Web3 ecosystem.

This collaboration will also offer opportunities for brands to innovate and improve customer experiences, as explored through the FireDrops platform.

Accessible through Flipkart, FireDrops is a Web3 brand engagement initiative developed on Polygon’s Proof-of-Stake, providing users with a transparent, secure, and personalised engagement experience.

Leveraging Guardian Link, FireDrops utilises Fireblocks’ wallet-as-a-service offering and integrates Web3 wallets, delivering a more user-friendly and cohesive experience.

Fireblocks claims to have 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.

“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,” Ravi Krishnan, Head of Flipkart Labs, said, adding that Fireblocks’ role is crucial in safeguarding these assets.

Fireblocks caters to financial institutions, asserting that it has facilitated the secure transfer of more than $4 trillion in digital assets.

“In the next decade, Web3 will be transformative for the ecommerce space, and India and Flipkart are the perfect sandbox for how digital assets may blur the lines between gamification and retail experiences,” Krishnan noted.

A key player in India’s digital commerce, the Flipkart Group comprises entities, including Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Last December, Walmart said it invested around $600 million in Flipkart. Back in July, the US-based retail giant acquired Tiger Global Management’s stake for $1.4 billion, increasing its ownership to 80.49%.