Grab Senior Exec Quits to Join Blockchain Gaming Company
With the disclosure that a top executive at Grab, a ride-hailing and food-delivery startup, is leaving to join a blockchain gaming firm, the brain drain from Web2 to Web3 continues.
Grab Holdings’ head of technology, Wui Ngiap Foo, is expected to join Ethlas as chief executive officer.
Foo has been a key member of Grab’s executive team since the company’s founding and as it has grown to become a major player in the Southeast Asian market. He is currently in charge of developing the platform’s fleet, and before that, he was the head of the firm’s integrity section.
According to industry insiders, he played a key role in Grab’s partnerships with Uber and subsequently Microsoft.
While the reason for Foo’s resignation is unknown, Bloomberg reports that the poor success of Grab may be to blame.
Since going public in December, the company’s stock has lost more than half of its value, and its earnings report has been disappointing. Investors are apparently scrutinizing the company’s expansion ambitions and high cash burn rate.
Foo, 35, is expected to use his years of startup expertise at Ethlas to help the company develop. Ethlas is one of a variety of blockchain-based gaming firms that allow players to acquire tradable crypto currencies. Candy Crush, 2048, and Tetris are among the games available on the platform.
Since its founding in 2021, the company has garnered $2.7 million in investment from venture capital firms such as Sequoia Capital India and Venturra Capital.
The majority of active crypto wallets are linked to games, making blockchain gaming the fastest-growing specialty in the cryptoverse. Due to the growing interest in blockchain gaming, game platforms like as Axie Infinity, Decentraland, and Sandbox have seen a dramatic spike in popularity.
With the advent of blockchain gaming, another trend is the exodus of executives from Web2 organizations to crypto startups.
Two YouTube execs revealed their leaving for Web3 firms earlier this month. One was YouTube’s gaming chief, who resigned to become CEO of Polygon Studios, while Jamie Byrne went to join Bright Moments, a non-fungible token (NFT) platform.
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