- Circle and Grab partner to launch Web3 wallet for Singapore users.
- The wallet will allow users to earn rewards, collect NFTs, and redeem vouchers.
- The pilot program aligns with the Monetary Authority of Singapore’s Project Orchid initiative.
Circle Internet Financial (Circle), the issuer of USDC stablecoin, has proclaimed a strategic partnership with Grab to improve Web3 customer experiences for Singapore-based crypto enthusiasts.
The firm took to X (Twitter) to share the development with the crypto community. According to the notification, the collaboration will see Circle’s Web3 Services platform integrate into the Grab app to become the ‘Grab Web3 Wallet.’ This new Web3 service empowers Singapore users to establish their blockchain-enabled wallets.
Also, Circle stated that the pilot program aligns with the objectives of the Monetary Authority of Singapore’s Project Orchid initiative as it serves as a real-world exemplification of Purpose Bound Money.
Furthermore, the Circle noted that Singaporeans can earn rewards, amass collectibles, and wield non-fungible token (NFT) vouchers with the Web3 wallet. Moreover, it mentioned that the Grab Web3 Wallet endorses the SG Pitstop Pack NFT vouchers at this starting stage. It highlighted that the vouchers are redeemable at renowned stores and thrilling adventures in Singapore during the upcoming F1 Singapore Grand Prix.
Jeremy Allaire, CEO of Circle, expressed the company’s commitment to forging partnerships with global-scale consumer internet brands. He emphasized the aspiration to bring tangible everyday utility to users. In his words:
Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation.
Similarly, Dante Disparte, Head of Global Policy of Circle, lauded the collaboration, noting that it is a way to accelerate the adoption of blockchain-powered innovation for Singaporeans.
It is worth mentioning that Circle recently secured a Major Payment Institution License from the Singaporean Monetary Authority. It claimed its presence in the region has continued to gain momentum since then.