Leading stablecoin issuer, Circle has partnered with Grab, a multinational technology company to launch web3 solutions, “Grab Web3 Wallet” in Singapore. According to its Thursday blog post, the partnership will ensure the integration of Circle’s Web3 services platform into Grab app, thereby aiding users’ experience.
To use this service, Singapore-based users are required to set up a blockchain-enabled wallet. They will be able to earn rewards and collectibles and also use non-fungible token (NFT) vouchers. Notably, the Grab Web3 Wallet accepts SG Pitstop Pack NFT vouchers in popular stores. It will also support adventures in Singapore during the upcoming F1 Grand Prix.
Meanwhile, the CEO and Co-founder of Circle, Jeremy Allaire gave his insight on the partnership. According to Allaire, the stablecoin issuer seeks to bring everyday utility closer to users. He further that integrating Circle technology with Grab’s customers brings the firm closer to actualizing this goal.
It is worth noting that the partnership between both parties is in line with the Monetary Authority of Singapore’s (MAS) Project Orchid initiative. Similarly, Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte also commented on the partnership. According to Disparte, Circle is supporting Singapore’s vision to become a global hub for reliable digital asset innovation.
Circle to cement its presence in Singapore
Circle wants to fully establish its presence in the Singapore market. Recently, it obtained a Major Payment Institution license from the Singapore Monetary Authority (MAS). A few months ago, it also established an office in the region. Similarly, it collaborated with the Singapore’s first blockchain ecosystem builder, Tribe. The partnership was to avail training program and support aimed at growing and improving the web3 section in the region.
Early this month, the stablecoin issuer launched its native $USDC token on the Ethereum Layer2 networks, OP mainnet, and Base. Similarly, the $USDC is made available to users for purchase on Coinbase.
Likewise, Circle also launched Euro Coin on Avalanche, a decentralized network. According to the stablecoin issuer, the launch is aimed at availing businesses and developers with fully reserved and reliable Euro-backed stablecoin.