Circle Internet Financial, global payments firm behind the USDC stablecoin, has announced a partnership with ride-hailing giant Grab to pilot a Web3 blockchain-based wallet in Singapore.
Grab’s Singapore-based users can create a blockchain-enabled wallet named the “Grab Web3 Wallet” to earn rewards and collect non-fungible token (NFT) vouchers, ushering them into the world of digital assets, Circle revealed in a press release today.
Circle’s Boston-based team announced that their Web3 services platform will be seamlessly integrated into Grab’s app, enhancing users’ accessibility to Web3 experiences.
As reported earlier, Grab announced a foray into Web3 in collaboration with the Monetary Authority of Singapore.
Grab Web3 Wallet to Debut at F1 Singapore Grand Prix
The Grab Web3 wallet is set to make its debut by supporting SG Pitstop Pack NFT vouchers, which can be utilized at popular stores and tourist attractions during the upcoming F1 Singapore Grand Prix.
As per Circle, the collaboration aims to serve as a real-world demonstration of purpose-bound money, a blockchain-based protocol that allows users to access digital money without the need for intermediaries, using their preferred wallet provider.
This initiative also aligns with the Monetary Authority of Singapore’s (MAS) vision, as it launched a White Paper in June outlining standards for the use of digital money, including purpose-bound money.
Circle’s co-founder and CEO, Mr. Jeremy Allaire, expressed the company’s commitment to partnering with global-scale consumer Internet brands to bring utility to everyday users. He stated, “
Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital asset innovation.”
Circle Obtained Payment Institution Licence in Singapore
Circle’s presence in Singapore gained further prominence with the opening of its official office in May. Subsequently, in June, the firm obtained a major payment institution license from MAS, enabling it to offer digital payment token services.
July brought news of Circle’s strategic restructuring, with a focus on Asia and new growth areas in the Web3 domain, leading to marginal job cuts across markets, including Singapore.
As regulatory pressures mount for digital asset firms in the United States, many such companies are seeking opportunities in Asia, widely regarded as a key growth market for the sector.