Business Markets News Report
September 14, 2023

Circle and Grab Team Up to Pilot Web3 Innovations in Singapore

In Brief

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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