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Circle and Grab pilot Web3 retail
- September 14, 2023
- William Payne
Boston-based Circle Internet Financial is partnering Singapore super-app Grab to pilot Web3 retail in Singapore through the integration of Circle’s new Web 3 Services platform in the Grab app.
Available as the ‘Grab Web3 Wallet,’ Singapore-based users may set up a blockchain-enabled wallet, earn rewards and collectibles, and use non-fungible token (NFT) vouchers.
The Grab Web3 Wallet is supporting the use of the SG Pitstop Pack NFT vouchers at popular stores in Singapore during this year’s F1 Singapore Grand Prix.
“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,” said Jeremy Allaire, Co-founder and CEO of Circle.
Launched as a pilot for the SG Pitstop Pack, Circle’s collaboration with Grab supports the Monetary Authority of Singapore’s (MAS) Project Orchid initiative as a real-world demonstration of Purpose Bound Money.
“Circle is thrilled to partner with Grab to accelerate adoption of blockchain-powered innovation and support Singapore’s forward-thinking vision as a leading global hub for responsible digital asset innovation,” said Dante Disparte, Chief Strategy Officer and Head of Global Policy of Circle.
Circle Web3 Services aim to help both existing Web 2.0 internet companies and new pure-play Web3 startups to bring stablecoins, digital assets and smart contracts to consumer and enterprise applications.
Circle is developing its base in Singapore, having obtained a Major Payment Institution License from the Singapore MAS in June 2023, and opened its office in May. In February 2023, Circle collaborated with Tribe, the country’s first government-supported blockchain ecosystem builder, on a training and support programme aimed at growing and upskilling the region’s Web3 developer talent pool.