Grab Launches Crypto Wallet
Singapore, September 19, 2023 – Circle Internet Financial, a leading global payments firm, has joined forces with Grab, Southeast Asia's ride-hailing giant, to unveil a groundbreaking Web3 blockchain-based wallet for the Singaporean market. This innovative "Grab Web3 Wallet" is set to revolutionize the way users engage with digital assets and blockchain technology.
Grab’s initial focus on NFT for Tourist
The initial rollout of the Grab Web3 Wallet will feature SG Pitstop Pack NFT coupons, redeemable at prominent Singapore retailers and tourist attractions. This introduction will coincide with the upcoming F1 Singapore Grand Prix, providing users with an exciting opportunity to experience the power of blockchain technology in real-world scenarios.
"incredibly promising” to see major Web2 companies adopting blockchain technology, piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation." - said Jeremy Allaire, the Co-founder and CEO of Circle
Focus on Purpose Bound Money
The primary goal of this pilot project is to demonstrate the real-world utility of Purpose Bound Money, a blockchain-based concept developed as part of the Monetary Authority of Singapore (MAS)'s Project Orchid. Purpose Bound Money allows users to access digital money without intermediaries, using their preferred wallet providers.
The Strategic Partnership between Circle & Grab
Circle, which officially established its Singapore office in May of this year and obtained a major payment institution license from MAS in June, is now actively exploring the issuance of its stablecoin in Japan, signaling a broader expansion strategy.
Founded in 2012 as MyTeksi, Grab has evolved into a multinational technology powerhouse headquartered in Singapore. The company operates a super-app, offering ride-hailing, food delivery, and digital payment services across multiple Southeast Asian countries, including Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam. Grab app boasts a staggering user base of more than 187 million users in 330 cities across the region.
Circle's partnership with Grab Singapore signifies a significant step in the company's ongoing expansion efforts within the country. Following the official opening of its Singapore office in May, Circle secured a Major Payment Institution license from the Monetary Authority of Singapore in June. Previously, Circle collaborated with Tribe, Singapore's government-supported blockchain ecosystem builder, to foster local Web3 development.
This groundbreaking collaboration between Circle and Grab is poised to usher in a new era of digital financial innovation, with Singapore at the forefront of Web3 blockchain technology adoption. Stay tuned for further updates as this partnership unfolds.
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