Grab Collaborates with Circle to Pilot Web3 Services in Singapore, Offering Grab Web3 Wallet for Users' Convenience
Summary:
Grab, the largest technology startup in Southeast Asia, is piloting Web3 services in collaboration with Circle to offer the Grab Web3 Wallet to Singapore-based users. The wallet allows users to set up a blockchain-enabled wallet, earn rewards, and use non-fungible token (NFT) vouchers. This partnership aims to help traditional firms adopt stablecoins, digital assets, and smart contracts. The Grab app serves over 187 million users in Southeast Asia, providing ride-hailing, food delivery, and digital payment services.
Grab, the leading technology startup in Southeast Asia, is testing out Web3 services in Singapore in collaboration with Circle, the issuer of USD Coin (USDC). The partnership, announced on September 14th, introduces the "Grab Web3 Wallet" to Singapore-based Grab users, offering them access to new Web3 services. These services are made possible by integrating Circle's Web 3 Services platform into the Grab app, which aims to assist traditional businesses in adopting stablecoins, digital assets, and smart contracts. In the pilot phase, eligible Grab app users can set up a blockchain-based wallet, earn rewards and collectibles, and utilize non-fungible token (NFT) vouchers. Notably, the Grab Web3 Wallet will offer SG Pitstop Pack NFT vouchers for popular stores in Singapore during the upcoming F1 Singapore Grand Prix. Reports about Grab's Web3 services surfaced last week, with industry observers observing a Web3 tab with an integrated cryptocurrency wallet on the Grab app's interface on September 7th. Circle co-founder and CEO, Jeremy Allaire, expressed enthusiasm about major Web2 companies embracing blockchain technology, emphasizing the potential of responsible digital asset innovation. Grab, initially established as MyTeksi in 2012, is a multinational technology company based in Singapore. It operates a super-app that provides ride-hailing, food delivery, and digital payment services across countries such as Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam. The Grab app reportedly serves over 187 million users in 330 cities throughout Southeast Asia. Circle's partnership with Grab Singapore builds upon its ongoing expansion in the country. In June 2023, Circle obtained a Major Payment Institution license from the Monetary Authority of Singapore, following the official opening of its office in May. Previously, Circle collaborated with Tribe, a government-supported blockchain ecosystem builder in Singapore, to promote local Web3 development.
Published At
9/14/2023 8:04:21 AM
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