July 21, 2024
Grab Explores Web3 Services in Singapore in Partnership with USD Coin
Latest Cryptocurrency News

Grab Explores Web3 Services in Singapore in Partnership with USD Coin

Grab, the most popular app in Southeast Asia and the largest digital startup there, is testing Web3 services in Singapore in partnership with the USD Coin.

In announcing the collaboration on September 14, Circle stated that Singapore-based Grab users can access the new Web3 services through the “Grab Web3 Wallet.”

The new services are made possible by the incorporation of Circle’s Web 3 Services platform, which was created to assist traditional businesses in adopting stablecoins, digital assets, and smart contracts, into the Grab app.

Eligible Grab app users can create a blockchain-enabled wallet as part of the experiment, earn rewards and collectables, and utilize nonfungible token (NFT) vouchers.

In advance of the next F1 Singapore Grand Prix, the Grab Web3 Wallet already provides SG Pitstop Pack NFT vouchers at well-known shops in Singapore, according to the release.

The initial reports of Grab’s Web3 services appeared last week, when business insiders saw a Web3 tab with a built-in cryptocurrency wallet on the Grab app’s interface on September 7.

“Last week, X was abuzz, wondering about the newly launched Web3 Wallet in the Grab Singapore app. Today, Circle announced its partnership with Grab to power its new Web3 Wallet experience,” Circle co-founder and CEO Jeremy Allaire tweeted on X (formerly Twitter).

The use of blockchain technology by significant Web2 enterprises, according to Allaire, is “incredibly promising.”

“Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital asset innovation.”

Circle co-founder and CEO Jeremy Allaire

The Singapore-based Grab app is an international technology company that was first established in 2012 under the name MyTeksi. In nations including Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam, the corporation runs a super-app for ride-hailing, food delivery, and digital payment services on smartphones. Over 187 million users are purportedly served by the Grab app in 330 locations in Southeast Asia.

Circle’s collaboration with Grab Singapore continues the company’s growing national expansion. After formally establishing its office in May 2023, Circle was granted a Major Payment Institution license by the Monetary Authority of Singapore in June. In the past, Circle worked with Tribe, a government-backed blockchain ecosystem builder in Singapore, to encourage regional Web3 development.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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