Circle Partners With Grab to Test Web3 Related Services in Singapore

Singapore USDC
Last updated:
Author
Author
Jai Pratap
About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Last updated:
Why Trust Cryptonews
With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews
Source: AdobeStock / ROBOT RAP Technology

Circle Internet Financial, global payments firm behind the USDC stablecoin, has announced a partnership with ride-hailing giant Grab to pilot a Web3 blockchain-based wallet in Singapore. 

Grab’s Singapore-based users can create a blockchain-enabled wallet named the “Grab Web3 Wallet” to earn rewards and collect non-fungible token (NFT) vouchers, ushering them into the world of digital assets, Circle revealed in a press release today. 

Circle’s Boston-based team announced that their Web3 services platform will be seamlessly integrated into Grab’s app, enhancing users’ accessibility to Web3 experiences. 

As reported earlier, Grab announced a foray into Web3 in collaboration with the Monetary Authority of Singapore. 

Grab Web3 Wallet to Debut at F1 Singapore Grand Prix

The Grab Web3 wallet is set to make its debut by supporting SG Pitstop Pack NFT vouchers, which can be utilized at popular stores and tourist attractions during the upcoming F1 Singapore Grand Prix. 

As per Circle, the collaboration aims to serve as a real-world demonstration of purpose-bound money, a blockchain-based protocol that allows users to access digital money without the need for intermediaries, using their preferred wallet provider.

This initiative also aligns with the Monetary Authority of Singapore’s (MAS) vision, as it launched a White Paper in June outlining standards for the use of digital money, including purpose-bound money. 

Circle’s co-founder and CEO, Mr. Jeremy Allaire, expressed the company’s commitment to partnering with global-scale consumer Internet brands to bring utility to everyday users. He stated, “

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

Circle Obtained Payment Institution Licence in Singapore 

Circle’s presence in Singapore gained further prominence with the opening of its official office in May. Subsequently, in June, the firm obtained a major payment institution license from MAS, enabling it to offer digital payment token services. 

July brought news of Circle’s strategic restructuring, with a focus on Asia and new growth areas in the Web3 domain, leading to marginal job cuts across markets, including Singapore.

As regulatory pressures mount for digital asset firms in the United States, many such companies are seeking opportunities in Asia, widely regarded as a key growth market for the sector. 

More Articles

Altcoin News
SEC Moves to Dismiss Kraken’s Defenses in Ongoing Legal Battle
Ruholamin Haqshanas
Ruholamin Haqshanas
2024-11-07 10:48:28
Press Releases
Cytonic Secures $8.3 Million Seed Funding to Solve Blockchain Compatibility
Linda Garcia
Linda Garcia
2024-11-07 10:00:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors