Grab, Uber’s Southeast Asian rival, debuts Web3 services with Circle

Grab, Southeast Asia’s super app and the biggest technology startup in the region, is piloting Web3 services in Singapore in collaboration with the USD Coin (USDC) issuer Circle.

Announcing the partnership on Sept. 14, Circle said the new Web3 services are available for Singapore-based Grab users through the “Grab Web3 Wallet.”

The new services are enabled through integration of Circle’s new Web 3 Services platform in the Grab app, which is designed to help traditional firms to adopt stablecoins, digital assets and smart contracts.

As part of the pilot, eligible Grab app users are able to set up a blockchain-enabled wallet, earn rewards and collectibles as well as use nonfungible token (NFT) vouchers.

The Grab Web3 Wallet already offers SG Pitstop Pack NFT vouchers at popular stores in Singapore during the upcoming F1 Singapore Grand Prix, the announcement notes.

The news about Grab’s Web3 services first surfaced last week, with industry observers spotlighting a Web3 tab with an integrated cryptocurrency wallet on Grab app’s interface on Sept. 7.

“Last week X was abuzz wondering about the newly launched Web3 Wallet in the Grab Singapore app. Today, Circle announced its partnership with Grab to power its new Web3 Wallet experience,” Circle co-founder and CEO Jeremy Allaire wrote on X (formerly Twitter).

Related: Singapore’s central bank slugs Three Arrows founders with 9-year ban

Allaire noted that it’s “incredibly promising” to see major Web2 companies adopting blockchain technology, adding:

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

Founded in 2012 as MyTeksi, Grab app is a multinational technology company headquartered in Singapore. The company operates a super-app for ride-hailing, food delivery and digital payments services on smartphones in countries like Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand and Vietnam. Grap app reportedly serves more than 187 million users in 330 cities across Southeast Asia.

Circle’s partnership with Grab Singapore builds on the company’s ongoing expansion in the country. In June 2023, Circle obtained a Major Payment Institution license from the Monetary Authority of Singapore after officially opening its office in May. Previously, Circle collaborated with Tribe, Singapore’s government-supported blockchain ecosystem builder, to support local Web3 development.

Magazine: Asia Express: Tencent’s AI leviathan, $83M scam busted, China’s influen

Source: Read Full Article