Global payments company Circle Internet Financial (Circle) and Southeast Asia’s super app Grab announced a groundbreaking partnership that aims to usher in Web3 customer experiences in Singapore.
This innovative collaboration will directly integrate Circle’s new Web3 Services platform into the Grab app.
Singapore-based users are set to benefit from the partnership, with the introduction of the ‘Grab Web3 Wallet.’ This blockchain-powered wallet will allow users to earn rewards and collectables and utilise non-fungible token (NFT) vouchers.
To mark the launch, the Grab Web3 Wallet will support the SG Pitstop Pack NFT vouchers, making them redeemable at select popular stores and experiences during the much-anticipated F1 Singapore Grand Prix.
Circle’s Co-founder and CEO, Jeremy Allaire, commented on the partnership, emphasizing its alignment with Circle’s goals.
He said, “Our core focus is to collaborate with consumer internet brands of global repute, enhancing the daily utility for users. By integrating our technology for Grab’s vast user base, we’re one step closer to tapping into the immense potential that responsible digital asset innovations present.”
In addition to providing users with an enriched experience, the partnership also serves a broader purpose. It stands as a testament to the Monetary Authority of Singapore’s (MAS) Project Orchid initiative, acting as a tangible example of Purpose Bound Money in real-world scenarios.
Expressing Circle’s enthusiasm, Dante Disparte, Chief Strategy Officer and Head of Global Policy of Circle, said, “Our collaboration with Grab not only aims to expedite the adoption of blockchain innovations but also bolsters Singapore’s vision of establishing itself as a premier global hub for responsible digital asset innovations.”
Circle’s Web3 Services have been designed to empower both traditional Web 2.0 internet companies and emerging Web3 startups, allowing them to harness the capabilities of stablecoins, digital assets, and smart contracts in their consumer and enterprise applications.
This partnership further solidifies Circle’s growing presence in Singapore. The firm had previously secured a Major Payment Institution License from the MAS in June 2023 and inaugurated its Singapore office in May.
Earlier in February 2023, Circle also joined forces with Tribe, Singapore’s pioneering government-backed blockchain ecosystem builder, focusing on a unique training initiative to bolster the Web3 developer community in the region.
