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Benzinga
Benzinga
Business
Anusuya Lahiri

Grab Loses Its Tech Lead To This Crypto Gaming Startup

  • Grab Holdings Inc's (NASDAQ:GRAB) technology head quit the ride-hailing and food-delivery company after seven years to lead a new cryptocurrency gaming venture, Bloomberg reports.
  • Wui Ngiap Foo, in charge of Grab's mobility-services fleet, would depart on March 31. Foo looked to join crypto gaming startup, Ethlas, as CEO and co-founder in the upcoming week.
  • Foo was a key member of Grab's leadership team, helping in its combination with Uber Technologies Inc's (NYSE:UBER) Southeast Asia business in 2018 and later leading its Microsoft Corp (NASDAQ:MSFT) collaboration. 
  • Grab battled intensifying investor scrutiny over its growth prospects and high cash burn. 
  • Grab's shares have lost more than half their value since its public debut, compounded by a sharp market decline and a dismal earnings report.
  • Price Action: GRAB shares traded lower by 2.05% at $3.82 in the premarket on the last check Wednesday.
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