Crypto News:
Circle Partners With Grab To Launch Web3 Experiences in Singapore.
Circle Internet Financial, a global payments company, has joined forces with the Southeast Asia ride-hailing titan Grab to introduce a blockchain-based Web3 wallet in Singapore. This innovative "Grab Web3 Wallet" will be seamlessly integrated into the Grab app, enabling all users of the Grab ride-hailing app in Singapore to enjoy the benefits of earning rewards, collecting collectables, and utilizing non-fungible token (NFT) vouchers.
In the beginning, this wallet will enable users to utilize SG Pitstop Pack NFT coupons at well-known retail outlets and tourist destinations in Singapore, particularly during the upcoming F1 Singapore Grand Prix.
Jeremy Allaire, the co-founder and CEO of Circle, commented in the announcement.
"Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation.”
The pilot's objective is to showcase the practical application of Purpose Bound Money, as a component of the Monetary Authority of Singapore (MAS)'s Project Orchid. Purpose Bound Money leverages blockchain technology, enabling users to access digital currency directly, bypassing intermediaries, and utilizing their chosen wallet provider.
Circle established its Singapore office in May of this year and secured a significant payment institution license from MAS in June, granting it the capability to provide digital payment token services. In addition to Singapore, Circle is exploring the possibility of introducing its stablecoin in Japan.
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