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

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

Announcing the concern connected Sept. 14, Circle said the caller Web3 services are disposable for Singapore-based Grab users done the “Grab Web3 Wallet.”

The caller services are enabled done integration of Circle’s caller Web 3 Services level successful the Grab app, which is designed to assistance accepted firms to follow stablecoins, integer assets and astute contracts.

As portion of the pilot, eligible Grab app users are capable to acceptable up a blockchain-enabled wallet, gain rewards and collectibles arsenic good arsenic usage nonfungible token (NFT) vouchers.

The Grab Web3 Wallet already offers SG Pitstop Pack NFT vouchers astatine fashionable stores successful Singapore during the upcoming F1 Singapore Grand Prix, the announcement notes.

The quality astir Grab’s Web3 services archetypal surfaced past week, with manufacture observers spotlighting a Web3 tab with an integrated cryptocurrency wallet connected Grab app’s interface connected Sept. 7.

Initial societal media reports connected Grab’s Web3 services. Source: X

“Last week X was abuzz wondering astir the recently launched Web3 Wallet successful the Grab Singapore app. Today, Circle announced its concern with Grab to powerfulness its caller Web3 Wallet experience,” Circle co-founder and CEO Jeremy Allaire wrote connected X (formerly Twitter).

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

“Piloting our exertion with Grab’s customers brings america person to realizing the afloat imaginable of liable integer assets innovation.”

Founded successful 2012 arsenic MyTeksi, Grab app is simply a multinational exertion institution headquartered successful Singapore. The institution operates a super-app for ride-hailing, nutrient transportation and integer payments services connected smartphones successful countries similar Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand and Vietnam. Grap app reportedly serves much than 187 cardinal users successful 330 cities crossed Southeast Asia.

Circle’s concern with Grab Singapore builds connected the company’s ongoing enlargement successful the country. In June 2023, Circle obtained a Major Payment Institution license from the Monetary Authority of Singapore aft officially opening its bureau successful May. Previously, Circle collaborated with Tribe, Singapore’s government-supported blockchain ecosystem builder, to enactment section Web3 development.

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