Global payments company Circle Internet Financial (Circle) and Southeast Asia’s super app Grab have announced a groundbreaking partnership aimed at revolutionizing customer experiences in Singapore through Web3 technology. The collaboration will involve integrating Circle’s new Web3 Services platform directly into the Grab app.
Users in Singapore will benefit from this partnership through the introduction of the ‘Grab Web3 Wallet.’ Powered by blockchain, this wallet will enable users to earn rewards and collectibles, as well as utilize non-fungible token (NFT) vouchers.
To mark the launch, the Grab Web3 Wallet will support SG Pitstop Pack NFT vouchers, which can be redeemed at select popular stores and experiences during the highly anticipated F1 Singapore Grand Prix.
Circle’s Co-founder and CEO, Jeremy Allaire, emphasized the partnership’s alignment with Circle’s goals, stating, “Our core focus is to collaborate with globally reputable consumer internet brands to enhance daily utility for users. By integrating our technology for Grab’s vast user base, we are one step closer to tapping into the immense potential of responsible digital asset innovations.”
Beyond providing users with an enhanced experience, the partnership also serves a broader purpose. It acts as a tangible demonstration of the Monetary Authority of Singapore’s (MAS) Project Orchid initiative, showcasing the concept of Purpose Bound Money in real-world scenarios.
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, expressed the company’s enthusiasm, saying, “Our collaboration with Grab aims to accelerate the adoption of blockchain innovations and strengthens Singapore’s vision of becoming a premier global hub for responsible digital asset innovations.”
Circle’s Web3 Services are designed to empower both traditional Web 2.0 internet companies and emerging Web3 startups, enabling them to leverage stablecoins, digital assets, and smart contracts in their consumer and enterprise applications.
This partnership further establishes Circle’s presence in Singapore, following the acquisition of a Major Payment Institution License from MAS in June 2023 and the inauguration of its Singapore office in May. In February 2023, Circle also partnered with Tribe, Singapore’s government-backed blockchain ecosystem builder, on a unique training initiative to support the Web3 developer community in the region.
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