Circle has announced a new partnership with Grab, a firm based in Singapore, to expand Web3 in the city-state.

Circle Partners with Grab to Pilot Web3 Experiences in Singapore

  • Circle has announced a new partnership with Grab, a firm based in Singapore, to expand Web3 in the city-state.
  • The two firms will debut Web3 customer experiences in Singapore, as per a Sept. 14 statement. 
  • A new Grab Web3 Wallet was also introduced that would allow users to set up a blockchain-powered wallet.
  • The users of the wallet in Singapore will be able to earn rewards and collectibles and use NFT vouchers.

Circle, the company behind the leading stablecoin in the crypto sector, USD Coin (USDC), has announced a partnership with Grab, a leading developer of a super-app for ride-hailing, food delivery, and digital payments services in Southeast Asia, with the goal of expanding the Web3 space in Singapore. The two firms will pilot Web3 customer experiences in the city-state, as per the official announcement. 

In a statement on September 14, it was revealed that through the integration of Circle’s new Web 3 Services platform in the Grab app, available as the ‘Grab Web3 Wallet,’ users in Singapore will be able to set up a blockchain-enabled wallet, earn rewards and collectibles, and use non-fungible token (NFT) vouchers.

The announcement from Circle confirmed that “the Grab Web3 Wallet supports the use of the SG Pitstop Pack NFT vouchers at popular stores and adventures in Singapore during the upcoming F1 Singapore Grand Prix,” while adding that the firm’s partnership with Grab “supports the Monetary Authority of Singapore’s (MAS) Project Orchid initiative as a real-world demonstration of Purpose Bound Money.”

Additionally, Jeremy Allaire, the co-founder and CEO of Circle, said: 

“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.” 

Furthermore, Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, noted that the partnership between the two firms will “accelerate adoption of blockchain-powered innovation and support Singapore’s forward-thinking vision as a leading global hub for responsible digital asset innovation.”

It is crucial to note that the stablecoin issuer won a Major Payment Institution License from the MAS in June 2023 after officially opening its office in the region in May. Moreover, as per an earlier report from BitcoinWisdom, the fintech firm also announced an expansion of services in Chile after partnering with Mercado Pago, a part of the fintech firm Mercado Libre. The two rolled out support for the USDC stablecoin in the Latin American region, starting with Chile.

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A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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