- Singapore embraces blockchain innovation with Grab and Circle.
- Grab Web3 wallet launch gives users access to NFT vouchers for F1 Grand Prix.
- As Circle’s Web3 services expands, it transforms digital assets in Singapore and beyond.
Singapore experiences a groundbreaking move towards blockchain-powered innovation and responsible digital asset adoption. Specifically, Circle Internet Financial (Circle) has unveiled an exciting partnership with Grab, one of Singapore’s leading consumer internet brands.
This collaboration aims to pioneer Web3 customer experiences in the Lion City by integrating Circle’s cutting-edge Web 3 Services platform into the Grab app.
Dubbed the ‘Grab Web3 Wallet’, this innovative feature will empower Singapore-based users to create blockchain-enabled wallets, accumulate rewards and collectibles, and utilize non-fungible token (NFT) vouchers.
The initial launch of the Grab Web3 Wallet will coincide with the highly anticipated F1 Singapore Grand Prix. Here, users can enjoy the benefits of the SG Pitstop Pack NFT vouchers at various popular stores and adventure destinations.
In particular, Jeremy Allaire, the Co-founder and CEO of Circle, expresses his excitement about this partnership. Above all, he emphasizes Circle’s commitment to collaborating with global-scale consumer internet brands to enhance everyday utility for users. In fact, he sees this pilot as a significant step toward realizing the full potential of responsible digital assets innovation.
The collaboration between Circle and Grab also aligns with the Monetary Authority of Singapore’s (MAS) Project Orchid initiative, serving as a real-world demonstration of Purpose Bound Money.
Circle Web3 Services, at the heart of this partnership, aims to facilitate the integration of stablecoins, digital assets, and smart contracts into consumer and enterprise applications. This initiative will not only benefit existing Web 2.0 internet companies but also provide support to emerging pure-play Web3 startups.
Circle’s Footprints in Singapore
Circle’s presence in Singapore has been steadily growing. In June 2023, the company secured a Major Payment Institution License from the MAS, and in May, it officially opened its office in the country.
Furthermore, Circle collaborated with Tribe, Singapore’s first government-supported blockchain ecosystem builder, in February 2023. Together, they initiated a unique training and support program aimed at nurturing and upskilling the region’s Web3 developer talent pool.
The partnership between Circle and Grab promises to revolutionize the digital experience for Singaporeans and stands as a testament to Singapore’s commitment to fostering innovation in the blockchain and digital asset space.
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