Last Updated on September 14, 2023 by Bitfinsider
The goal of this connection between the Grab app and Circle’s recently launched web3 services platform is to make it easier for conventional businesses to use digital assets, stablecoins, and smart contracts.
Now, eligible Grab app users can create a blockchain-enabled wallet to use non-fungible token (NFT) coupons in addition to earning rewards and collectibles.
In conjunction with the upcoming F1 Singapore Grand Prix, the Grab web3 wallet is currently offering SG Pitstop Pack NFT vouchers at certain stores in Singapore as a special offer.
This development comes after industry watchers last week discovered on September 7 that the Grab app’s interface had a web3 page with an integrated cryptocurrency wallet.
Originally launched as a ride-hailing app in Malaysia in 2012, Grab fiercely competed with Uber in that market. Its features have expanded over time, and it has become a super-app with payment options (GrabPay), parcel delivery, ticket booking, insurance, and more.
With its current headquarters in Singapore, Grab is a Southeast Asian company that operates in eight countries and boasts over 25 million monthly users. In Singapore, Grab dominates the ride-hailing and food delivery industries.
Currently one of the most prominent companies in Southeast Asia, Grab is valued at over $14.9 billion.
The partnership between Circle and Grab Singapore represents an additional phase in Circle’s consistent national expansion.
This action was followed by a collaboration with Tribe, a Singaporean blockchain ecosystem developer supported by the government, which promoted regional Web3 development.
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