Circle and Grab Partnership: Launching Web3 Wallet in Singapore

Circle and Grab collaborate to offer Web3 consumer experiences in Singapore through the Grab Web3 Wallet.

Sep 15, 2023 - 16:39
Sep 15, 2023 - 17:24
Circle and Grab Partnership: Launching Web3 Wallet in Singapore
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On September 14, Circle announced its collaboration with Grab, unveiling the new services that would be available to Grab users in Singapore through the "Grab Web3 Wallet". This integration aims to bridge the gap between traditional businesses and the rapidly evolving world of digital assets.

Features of the Grab Web3 Wallet:

  • Blockchain-Enabled Wallet: Eligible users of the Grab app can now set up a blockchain-enabled wallet, allowing them to get into the world of digital assets seamlessly.
  • Rewards and Collectibles: Users have the opportunity to earn rewards and collectibles, incentivizing user participation.
  • NFT Vouchers: In a special promotion, the Grab Web3 Wallet is offering SG Pitstop Pack NFT vouchers at select stores in Singapore, coinciding with the upcoming F1 Singapore Grand Prix event.

This development wasn't entirely unexpected. Just a week prior, industry observers had spotted a Web3 tab with an integrated cryptocurrency wallet on the Grab app's interface.

Circle's CEO, Jeremy Allaire stated:

"Piloting our technology with Grab's customers brings us closer to realizing the full potential of responsible digital assets innovation."

Grab's super-app

Established in 2012 in Malaysia, Grab began as a ride-hailing app, challenging giants like Uber in the region. Over the years, it has expanded its services, transforming into a super-app with many offerings, including payment solutions (GrabPay), package delivery, ticket bookings, insurance, and more. With its headquarters now in Singapore, Grab operates in eight countries across Southeast Asia, boasting over 25 million monthly users. It dominates the ride-hailing and food delivery sectors in Singapore and is currently valued at approximately $14.9 billion.

Earlier in June 2023, Circle obtained a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This was shortly after the official inauguration of its office in May, marking a major step in Circle's expansion in the region.

Following its establishment in Singapore, Circle formed a partnership with Tribe, a government-backed blockchain ecosystem developer in Singapore. This collaboration aims to foster local Web3 development, further solidifying Circle's commitment to promoting digital assets and blockchain technology in the region.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.