Grab, Southeast Asia's leading super app and tech giant, has joined forces with USD Coin (USDC) to initiate Web3 services within Singapore's Publisher Circle. This partnership, announced on September 14, allows Grab users in Singapore to access Web3 services via a dedicated " Grab Web3 Wallet."
Circle, a key player in the digital asset sphere, is responsible for integrating its cutting-edge Web 3 services platform into the Grab app. This platform is designed to facilitate the adoption of stablecoins, digital assets, and smart contracts by traditional companies.
Through the Grab Web3 Wallet, eligible users of the Grab app can create blockchain-enabled wallets, earn rewards, collectibles, and utilize non-fungible token (NFT) vouchers. As part of the pilot program, Grab is offering SG Pitstop Pack NFT vouchers at popular establishments in Singapore during the upcoming F1 Singapore Grand Prix.
News of Grab's Web3 service initially surfaced when industry observers noticed a Web3 tab and integrated cryptocurrency wallet within the Grab app interface on September 7. Jeremy Allaire, the co-founder and CEO of Circle, expressed enthusiasm about major Web2 companies embracing blockchain technology, describing it as "incredibly promising." He also highlighted that piloting Circle's technology with Grab's customers brings us closer to realizing the full potential of responsible digital asset innovation.
Grab, founded in 2012 as MyTeksi, is a multinational tech company headquartered in Singapore. It operates a super app across Southeast Asia, serving countries such as Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam. The app offers a wide range of services, including ride-hailing, food delivery, and digital payments. With over 187 million users in 330 cities throughout Southeast Asia, Grab is a dominant force in the region's tech ecosystem.
Circle's collaboration with Grab Singapore builds on the company's growing presence in the country. Circle established an office in Singapore in May and secured a significant payments institution license from the Monetary Authority of Singapore in June 2023. Additionally, Circle previously partnered with Tribe, a Singapore government-backed blockchain ecosystem builder, to support local Web3 development efforts.
