Coinspeaker
Circle Partners with Grab to Pilot Web3 Experience
USDC issuer Circle has announced its partnership with Southeast Asian technology startup Grab to pilot Web3 customer experiences in Singapore.
Established in 2012 as MyTeksi, Grab app is a multinational technology company that operates from out of Singapore and serves the entire South Eastern region. The company has a super-app that allows ride-hailing, door-to-door food delivery, and digital payments. Its services are available in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand and Vietnam.
According to reports, the Grab app has more than 187 million users in 330 cities across Southeast Asia. The partnership with Circle will serve to bring a Web2-based company into a Web 3 experience.
To achieve this, Circle has integrated its new Web3 services platform into the Grab super app. This is available as the Grab Web3 Wallet. Using this wallet, Singapore-based users can set up a blockchain-based wallet, earn rewards, and use non-fungible token (NFT) vouchers
Bringing Web3 Experience to Web2 Companies
According to Circle, it plans to bring everyday utility to internet-based global brands. This will be done through its Web3 services, which will help traditional firms to adopt stablecoins, digital assets, and smart contracts easily.
Circle co-founder and CEO Jeremy Allaire expressed delight at seeing major Web2 companies integrating blockchain technology. He said:
“Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation.”
Meanwhile, the collaboration with Grab is a pilot for the SG Pitstop Pack. It will allow Circle to demonstrate the real-world utility of its asset to the Monetary Authority of Singapore’s (MAS) Project Orchid initiative.
Circle Buys Into Singaporean Vision
This would not be Circle’s first engagement in Singapore. The latest collaboration with Grab is just the latest in a series of strategic partnerships.
In February, Circle collaborated with Tribe, a government-supported blockchain ecosystem builder, to upskill Web3 developers in the region. Later in May, it opened an office in the nation. By June 2023, Circle secured its Major Payment Institution License from the MAS in June 2023.
Head of Global Policy of Circle, Dante Disparte said that “Circle supports Singapore’s forward-thinking vision as a leading global hub for responsible digital asset innovation.”
