Circle Uses the Super-app Grab to Test a Web3 Wallet in Singapore

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Last Updated on September 14, 2023 by Bitfinsider

On September 14, Circle made the announcement, stating that Grab users in Singapore would be able to utilise these new services using the recently unveiled “Grab Web3 Wallet.”

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.

Jeremy Allaire, the CEO and co-founder of Circle, expressed his excitement on X (formerly Twitter) and emphasised the encouraging trend of well-known web2 companies adopting blockchain technology.

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.

After officially opening its office in May of 2023, Circle obtained a Major Payment Institution licence (MPI) from the Monetary Authority of Singapore (MAS) earlier in June of that same year.

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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