On September 14th, the stablecoin issuer Circle announced a collaboration with the leading Southeast Asian ride-hailing app, Grab, to provide Web3 services. This partnership aims to facilitate traditional businesses in using stablecoins, digital assets, and smart contracts conveniently.
As per the announcement, eligible Grab users can set up blockchain-supporting wallets, earn rewards, accumulate gifts, and use NFTs (Non-Fungible Tokens). Additionally, Circle highlighted that the Grab Web3 wallet offers the opportunity to redeem SG Pitstop Pack NFT shopping vouchers at major stores in Singapore during the upcoming F1 Grand Prix.
Moreover, Grab has teamed up with the Monetary Authority of Singapore to issue NFT shopping vouchers related to popular foods and experiences in the city for users.
Currently, this service is available to Grab users in Singapore through the Grab Web3 wallet.
“Testing Circle’s technology with Grab’s customers brings us closer to realizing the full potential of digital asset innovation.”
— Jeremy Allaire, Co-Founder of Circle
Previously, on September 7th, Grab added a Web3 tab to its app. Now, users can connect their Crypto wallets to Grab, check their account balances, and view the NFTs they own. However, this feature is still in the testing phase and is only available in Singapore, with Polygon as the supporting network.
The active adoption of blockchain technology by Web2 companies reflects the promising potential of the blockchain industry.
Grab is a technology conglomerate headquartered in Singapore, with a leading position in providing transportation, delivery, and digital payment services in Singapore and several other Southeast Asian countries, including Malaysia, Indonesia, the Philippines, Vietnam, Thailand, Myanmar, and Cambodia. Grab currently has over 180 million users worldwide.
With its achievements and reputation, Grab’s entry into the Web3 world is poised to make the region’s financial future appear more decentralized and comprehensive than ever before.