Southeast Asia's prominent technology startup, Grab, has started testing Web3 services in Singapore. This innovative move has been made feasible through a fresh collaboration with Circle, the entity behind the issuance of USD Coin (USDC).
Circle publicized this recent collaboration on September 14. The groundbreaking Web3 services have been made accessible to those using Grab in Singapore via a feature named "Grab Web3 Wallet."
These avant-garde services come into existence by intertwining Circle’s latest Web 3 Services platform with the Grab application. This fusion aims at paving the way for mainstream companies to smoothly transition into the adoption of stablecoins, digital commodities, and smart contracts.
During this experimental phase, qualified Grab application users will have the opportunity to establish a blockchain-centric wallet. Additionally, they can accrue rewards, gather collectibles, and take advantage of nonfungible token (NFT) vouchers.
Of notable mention, the Grab Web3 Wallet is set to feature SG Pitstop Pack NFT vouchers. These will be redeemable at select prominent outlets in Singapore coinciding with the upcoming F1 Singapore Grand Prix event.
Industry experts had their antennas up when hints of Grab's Web3 services emerged a week prior. They had identified a Web3 feature, inclusive of an embedded cryptocurrency wallet, on Grab's application interface on September 7.
Jeremy Allaire, Circle's co-founder and CEO, shared his thoughts on a platform similar to Twitter, indicating the collaborative synergy between Circle and Grab to ignite the Web3 Wallet experience. Allaire expressed his enthusiasm about observing significant Web2 entities embracing the blockchain domain. He commented on how integrating their technological expertise with Grab's vast user base inches them towards harnessing the sheer scope of ethical digital assets advancement.
Established in 2012 with the moniker MyTeksi, Grab was established in Singapore. This versatile application offers a suite of services ranging from ride-hailing and food delivery to digital payment solutions on smartphones. Its operational footprints extend to various nations like Singapore, Malaysia, Cambodia, the Philippines, and more.