Grab Collaborates With Crypto Circle Company To Strengthen Web3 Wallet In Singapore

Grab is starting to partner with crypto company Circle. (Photo; Doc. BTimesonline)

JAKARTA - Circle Founder and CEO, Jeremy Allaire, expressed his joy at the fact that big Web2 companies are starting to integrate blockchain technology.

USDC stablecoin publishing company Circle has announced its partnership with Southeast Asian tech startup Grab to test Web3 subscriber experience in Singapore.

Founded in 2012 as MyTeksi, Grab is a multinational technology company based in Singapore and serves the entire Southeast Asia region. Grab has a versatile application that allows for vehicle bookings, food delivery, and digital payments. Their services are spread across various Southeast Asian countries such as Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam.

It was reported that the Grab application had been downloaded by more than 187 million users in 330 cities in Southeast Asia. With Circle's partnership, this Web2-based company will feel the sensation of Web3 experiences.

To make this happen, Circle has integrated their Web3 service platform into the Grab multipurpose app. This service comes in the form of "Dompet Grab Web3". Using this wallet, users in Singapore can create blockchain-based wallets, get prizes, and store non-fungible tokens (NFT).

Circle In Line With Singapore's Vision

According to Circle, their goal is to bring the benefits of blockchain technology to internet-based global brands. This will be achieved through their Web3 service, which will make it easier for traditional companies to adopt stablecoins, digital assets, and smart contracts in their daily operations.

Jeremy Allaire, co-founder and CEO of Circle, said, "Testing our technology with Grab subscribers brings us closer to the realization of the full potential innovation of responsible digital assets."

Collaboration with Grab will also serve as a pilot for the SG Pitstop Pack. This will provide an opportunity for Circle to demonstrate the usefulness of their digital assets in the real world to the Project Orchid initiative managed by the Monetary Authority of Singapore (MAS).

In February, Circle collaborated with Tribe, a government-backed blockchain ecosystem developer, to improve Web3 developer capabilities in the region. In May, they opened an office in Singapore, and in June 2023, Circle managed to obtain a License for the Main Payment Institute from MAS.

Head of Global Circle Policy, Dante Disparte, explained that "Circle supports Singapore's vision as a leading global hub for responsible digital asset innovation." This collaboration is expected to help realize the vision in the future.