Circle has announced a strategic partnership with Grab, a prominent ride-hailing and delivery company in Southeast Asia, to introduce Web3 payment services to consumers in Singapore.
1/ We are excited to unveil our partnership with @GrabSG to pilot #Web3 consumer experiences in Singapore through the integration of our new Web3 Services platform via the Grab Web3 Wallet.https://t.co/UcqjQX7Y2r
— Circle (@circle) September 14, 2023
In a statement released on September 14, 2023, Circle disclosed that the two companies would collaborate on piloting a blockchain-enabled wallet service known as the ‘Grab Web3 Wallet.’ This wallet, integrated into the Grab app, will empower users to earn rewards and utilize NFT vouchers at popular stores and attractions in Singapore, such as the SG Pitstop Pack NFT vouchers during the upcoming F1 Singapore Grand Prix.
Cricle noted that its collaboration with Grab and the web3 wallet service aligns with the Monetary Authority of Singapore’s (MAS) Project Orchid initiative, which seeks to explore the potential and practical applications of digital currencies in real-world scenarios.
The USDC issuer highlighted the new wallet and SG Pitstop Pack NFT vouchers as a real-world demonstration of the concept of “Purpose Bound Money.”
This partnership marks a significant milestone for Circle, as it represents a pilot real-world test of its new product lineup. In August 2023, Circle introduced specially designed programmable crypto wallets and other tools for developers to integrate Web3 wallets into their applications seamlessly.
In its announcement, Circle explained that its Web3 Services are purpose-built to enable both existing Web 2.0 internet companies and emerging native Web3 startups to safely and effortlessly leverage the capabilities of stablecoins, digital assets, and smart contracts in consumer and enterprise applications.
Circle’s CEO and Co-founder, Jeremy Allaire, stressed that Circle has partnered with global-scale consumer internet brands to deliver everyday Web3 utility to users. In his words: “Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation.”
Notably, Circle opened its Singapore office in May 2023 and obtained a Major Payment Institution License from the MAS the following month.
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