Circle Internet Financial (Circle) has partnered with ride-hailing app Grab to pilot a new blockchain-enabled wallet for Web3 in Singapore
The company said is introducing ‘Grab Web3 Wallet’ to allow Singapore-based users to earn rewards and collectibles, and use non-fungible token (NFT) vouchers. The move is part of a deal with Grab to pilot Web3 customer experiences through the integration of Circle’s new Web3 Services platform in the Grab app.
Implementation of the Grab Web3 Wallet will begin by supporting the use of the SG Pitstop Pack NFT vouchers at popular stores and adventures in Singapore during the upcoming F1 Singapore Grand Prix, Circle said.
“Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab’s customers brings us closer to realising the full potential of responsible digital assets innovation,” said Jeremy Allaire, Co-founder and CEO of Circle.
Circle’s collaboration with Grab is also supporting the Monetary Authority of Singapore’s (MAS) Project Orchid initiative as a real-world demonstration of Purpose Bound Money. The company said a key focus of its Web3 Services is helping both existing Web 2.0 internet companies and new pure-play Web3 startups to bring the power of stablecoins, digital assets and smart contracts to consumer and enterprise applications.
The launch comes on the back of a busy year, so far, for the financial services firm. In May, it officially opened its Singapore office and a month later it obtained a Major Payment Institution License from the MAS.
It also collaborated collaborated with Tribe, the country’s first government-supported blockchain ecosystem builder, earlier this year. Together, they worked on a novel training and support programme aimed at growing and upskilling the region’s Web3 developer talent pool.