South-East Asian super-app Grab has enhanced its services with a Web3 offering supported by the USDC issuer Circle
Circle Internet Financial on Sept. 14 announced a partnership with Grab, a mobile technology platform which combines mobility, delivery and financial services. In the framework of the new cooperation, the two companies will pilot Web3 customer experiences in Singapore within the Grab app.
The new feature will be built upon Circle’s new Web3 Services platform. The platform helps both existing Web 2.0 internet companies and innovative Web3 startups to integrate stablecoins, digital assets and smart contracts into consumer and enterprise applications.
Called ‘Grab Web3 Wallet,’ the latest integration in the Grab super-app is a blockchain-enabled digital wallet. Customers can use it to earn rewards and digital collectibles and spend non-fungible token (NFT) vouchers.
At launch, the Grab Web3 Wallet supports the SG Pitstop Pack NFT vouchers. They can be redeemed at popular stores and adventures in Singapore during the upcoming F1 Singapore Grand Prix.
Besides that, Circle’s Web3 collaboration with Grab supports the Monetary Authority of Singapore’s (MAS) Project Orchid CBDC initiative as a real-world demonstration of programmable money potential. Although the Monetary Authority of Singapore (MAS) decided the case for a retail CBDC in Singapore was not compelling, it still seeks to facilitate ongoing research of blockchain technology and advance the financial infrastructure in Singapore.
“Circle is thrilled to partner with Grab to accelerate adoption of blockchain-powered innovation and support Singapore’s forward-thinking vision as a leading global hub for responsible digital asset innovation.”
Dante Disparte, Chief Strategy Officer and Head of Global Policy, Circle
Circle obtained a Major Payment Institution License from the MAS in June 2023, having officially opened its local office in May.
