Grab, the leading software firm in Southeast Asia, is collaborating with Circle, a USDC stablecoin issuer, to test a web3 wallet within its super-app.
On September 14, Circle made the news that Singaporean Grab users would have access to these new services through the recently launched “Grab Web3 Wallet.”
This Grab app integration with Circle’s new web3 services platform seeks to make it easier for established businesses to use stablecoins, digital assets, and smart contracts.
The Grab app now offers eligible users the chance to create a blockchain-enabled wallet where they may utilize NFT (non-fungible token) vouchers and earn prizes and collectibles.
In conjunction with the upcoming F1 Singapore Grand Prix event, the Grab web3 wallet is offering special SG Pitstop Pack NFT vouchers at well-known retailers in Singapore.
This move comes in the wake of last week’s hype, which began when industry observers spotted a web3 tab with an integrated bitcoin wallet on the Grab app’s user interface on September 7.
Jeremy Allaire, co-founder and CEO of Circle, expressed his enthusiasm for blockchain technology on X (formerly Twitter), stressing the encouraging trend of well-known web2 companies adopting it. Co-founder and CEO of Circle, Jeremy Allaire, said:
“Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation.”
Grab was first introduced to the market in 2012 in Malaysia as a ride-hailing app, fiercely challenging Uber in the area. Over time, it has grown into a super-app, diversifying its service offerings to include payment solutions (GrabPay), parcel delivery, ticket booking, insurance, and more.With its current headquarters in Singapore, Grab runs operations in eight nations around Southeast Asia.
It boasts over 25 million monthly users and rules Singapore’s ride-hailing and food delivery industries. One of SEA’s most well-known firms, Grab is currently valued at about $14.9 billion.
Circle’s growth in Singapore# The partnership with Grab Singapore is another stage in the company’s ongoing expansion.
Following the formal opening of its office in May, Circle obtained a Major Payment Institution license (MPI) from the Monetary Authority of Singapore (MAS) earlier in June 2023.
In order to support local Web3 development, this action was followed by cooperation with Tribe, a government-backed blockchain ecosystem developer in Singapore.
