India-based e-commerce giant Flipkart is utilizing Fireblocks’ Wallets-as-a-Service to seamlessly create wallets on their FireDrops app,  providing a user-friendly and highly integrated Web3 experience for their customers. To date, over 3.6 million active wallets have been created on the platform.

With over 500 million users and over 150 million products across 80 categories, Flipkart’s choice to utilize Fireblocks is a testament to its commitment to enabling innovation in the Indian e-commerce industry.

India is fast emerging as the global hub for innovation in Web3. As we look ahead at how the new generation engages with brands, they seek a more personalized and interactive experience, and brands realize 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 helping us safeguard 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 Krishnan Head of Flipkart Labs

Onboarding a new generation of users into Web3 with FireDrops

FireDrops aims to create a safe and scalable brand engagement program on the blockchain, with Fireblocks wallets allowing users to interact with Web3 easily. Fireblocks’ Wallets-as-a-Service allows Flipkart to embed privacy-preserving blockchain wallets directly into their mobile application, seamlessly onboarding users into their first Web3 experience. With Fireblocks, Flipkart can automate and scale wallets and enable NFT creation to support millions of new users on FireDrops.

Through FireDrops, Flipkart seeks to revolutionize how users connect with brands while shopping online. By providing engaging experiences with brands that enable customers to earn NFT-based rewards, Flipkart aims to foster greater community engagement and an enhanced user experience. Additionally, brands in the FireDrops ecosystem can also anticipate the benefit of deeper, more meaningful, and more tailored customer interactions, resulting in higher reward redemption rates and reduced customer acquisition costs.

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. 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 Richardson Head of APAC & Managing Director, Financial Markets

Fireblocks’ flexible and scalable platform allows Flipkart to efficiently test, iterate, and explore proof of concept projects in Web3 without needing constant retooling – meeting Flipkart’s evolving needs in their Web3 journey.

Interested in learning more about Web3? Review our whitepaper, Unlocking Web3 for Businesses: Security, Compliance, and Custody, for a detailed look at today’s Web3 ecosystem and what it takes to launch a corporate Web3 strategy.