Stablecoin issuer Circle is partnering with superapp Grab to offer its customers Web3 experiences.
Grab users based in Singapore will have access to a Web3 wallet that allows them to earn rewards and use Non-Fungible Token (NFT) vouchers, the companies said in a joint press release. This integration is made possible through Circle’s Web3 Services platform.
Reports started to surface last week that Grab could potentially be rolling out Web3 services when savvy users noticed Web3 offerings within the app.
“Last week X was abuzz wondering about the newly launched Web3 Wallet in the Grab Singapore app,” said Jeremy Allaire, Circle co-founder and CEO, on X. “Today, Circle announced its partnership with Grab to power its new Web3 Wallet experience.”
Singapore-headquartered Grab calls itself the “everyday everything app”, offering ride-hailing, food delivery and payments all within one app to customers in Southeast Asia. Super apps are mobile applications that combine multiple services in one. Other popular super apps include China’s WeChat and AliPay.
Grab’s Web3 announcement comes as the crypto conference Token2049 (disclosure: former sponsor of Unchained) takes over Singapore for the week. The country is also hosting the Singapore Grand Prix this week. Formula One and the crypto industry have become intertwined as of late through sponsorships and branding agreements between crypto companies and racing teams.
Grab customers will be able to use the Web3 wallet to access the “SG Pitstop Pack NFT vouchers,” which can be used during the Grand Prix.
The pitstop pack is part of the Monetary Authority of Singapore’s (MAS) Project Orchid initiative, which Grab signed up to be a part of. The initiative is a multi-year, multi-phase exploratory project examining a retail CBDC system for Singapore, according to its website.
“Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation,” said Circle’s Allaire in the release
Circle opened an office in Singapore in May and obtained a Major Payment Institution (MPI) License from the MAS a month later.
