Circle and Grab Team Up to Pilot Web3 Innovations in Singapore
Circle and Grab are teaming up to launch a Web3 pilot in Singapore, integrating Circle’s new Web 3 Services into the Grab app.
Circle Internet Financial (Circle) and Grab, the Southeast Asian ride-hailing and delivery giant, have teamed up to initiate Web3-enabled customer experiences in Singapore. The collaboration aims to offer users a range of blockchain-powered features, marking a significant step in both firms’ efforts to promote digital assets responsibly.
Circle and Grab’s partnership aims to materialize the “Grab Web3 Wallet,” which will enable users in Singapore to set up blockchain-empowered wallets.
Additionally, users will have the opportunity to earn various rewards, collect digital collectibles and make use of NFT vouchers. To kickstart the initiative, these NFT vouchers—known as SG Pitstop Pack—will be redeemable at selected stores and events in Singapore, coinciding with the F1 Singapore Grand Prix.
Aligning with Regulatory Initiatives
The joint venture also aligns with the Monetary Authority of Singapore’s (MAS) “Project Orchid”, that will explore the potentials and practicalities of digital currencies in real-world scenarios. The pilot serves as a real-world testbed for what MAS terms as “Purpose Bound Money,” echoing the government’s broader agenda to solidify Singapore as a global hub for responsible digital asset innovation.
Circle’s Web3 Services are designed to assist both traditional internet firms and emerging Web3 startups to integrate features like stablecoins, digital assets and smart contracts seamlessly.
Jeremy Allaire, Co-founder and CEO of Circle, believes that the partnership would bring them closer to realizing digital assets’ full potential for everyday utility.
Likewise, Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, affirmed the company’s enthusiasm for this collaboration – asserting it as a medium to expedite blockchain-based innovations in Singapore.
Circle’s Growing Footprint in Singapore
Circle has been steadily increasing its presence in Singapore, securing a Major Payment Institution License from the MAS as of June 2023. The company had previously opened its office in the country in May of the same year. Earlier, in February, Circle collaborated with Tribe, Singapore’s first government-supported blockchain ecosystem builder, to launch a training program intended to enhance the Web3 developer talent pool in the region.
As digital currencies and blockchain technology continue to evolve, partnerships like these could set a precedent for how companies can work together to navigate the regulatory landscape while offering innovative solutions.
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