Southeast Asia’s premier tech startup, Grab is teaming up with USDC stablecoin issuer Circle to pilot a web3 wallet within its super-app.
The announcement came on Sept. 14, with Circle revealing that these new services would be accessible to Grab users in Singapore via the newly introduced “Grab Web3 Wallet”.
This integration with Circle’s fresh web3 services platform within the Grab app aims to facilitate traditional companies embracing stablecoins, digital assets, and smart contracts.
Eligible users of the Grab app now have the opportunity to establish a blockchain-enabled wallet where they can earn rewards and collectibles alongside utilizing non-fungible token (NFT) vouchers.
As a special offering, the Grab web3 wallet is presenting SG Pitstop Pack NFT vouchers at renowned stores in Singapore, aligning with the forthcoming F1 Singapore Grand Prix event.
This development follows last week’s buzz when industry spectators noticed a web3 tab featuring an integrated cryptocurrency wallet on the Grab app’s interface on Sept. 7.
Circle’s co-founder and CEO, Jeremy Allaire, shared his enthusiasm on X (previously Twitter), highlighting the promising trend of prominent web2 companies embracing blockchain technology.
“Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation.”
Jeremy Allaire, co-founder and CEO of Circle
Established in 2012 in Malaysia, Grab initially entered the market as a ride-hailing app, giving stiff competition to Uber in the region. Over the years, it has diversified its offerings, evolving into a super-app with services encompassing payment solutions (GrabPay), package delivery, ticket bookings, insurance, and more.
Currently headquartered in Singapore, Grab operates in eight countries across Southeast Asia, boasting over 25 million monthly users and dominating the ride-hailing and food delivery sectors in Singapore.
Currently, Grab is valued at approximately $14.9 billion and is one of SEA’s most notable startups.
Circle’s expansion in Singapore
The collaboration between Circle and Grab Singapore signifies a further step in Circle’s steady growth within the nation.
Earlier in June 2023, Circle secured a Major Payment Institution license (MPI) from the Monetary Authority of Singapore (MAS) following the official inauguration of its office in May.
This move was succeeded by a partnership with Tribe, a government-backed blockchain ecosystem developer in Singapore, fostering local Web3 development.