Southeast Asia’s tech giant, Grab, often likened to the Uber of the region, is set to introduce Web3 services in partnership with Circle, the issuer of the USD Coin (USDC) stablecoin. This exciting development is currently in the pilot phase, with Grab launching Web3 services initially in Singapore.
The collaboration between Grab and Circle, announced on September 14, marks a significant step in the adoption of Web3 technologies by traditional enterprises. The Web3 services are now accessible to Grab’s Singapore-based users through the newly introduced “Grab Web3 Wallet.”
This innovative service is made possible by integrating Circle’s cutting-edge Web3 Services platform directly into the Grab app. It is designed to facilitate the incorporation of stablecoins, digital assets, and smart contracts into the daily lives of users.
During this pilot phase, eligible users of the Grab app will have the ability to set up blockchain-enabled wallets, receive rewards and collectibles, and even utilize nonfungible token (NFT) vouchers. In an exciting move, the Grab Web3 Wallet already features SG Pitstop Pack NFT vouchers, which can be used at popular stores in Singapore during the upcoming F1 Singapore Grand Prix.
News of Grab’s foray into Web3 services initially emerged last week, drawing the attention of industry experts who spotted a Web3 tab with an integrated cryptocurrency wallet within the Grab app’s interface on September 7.
Jeremy Allaire, co-founder and CEO of Circle, expressed enthusiasm about major Web2 companies embracing blockchain technology. He noted that the pilot project with Grab brings the industry closer to realizing the full potential of responsible digital asset innovation.
Founded in 2012 under the name MyTeksi, Grab has evolved into a multinational technology company headquartered in Singapore. The company operates a super app that provides ride-hailing, food delivery, and digital payment services via smartphones. Grab serves users across numerous Southeast Asian countries, including Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam. Impressively, the Grab app caters to over 187 million users in 330 cities across the region.
Circle’s partnership with Grab in Singapore builds on the company’s continued expansion efforts in the country. In June 2023, Circle obtained a Major Payment Institution license from the Monetary Authority of Singapore after officially establishing its presence there in May. Prior to this collaboration with Grab, Circle also teamed up with Tribe, a Singaporean government-supported blockchain ecosystem builder, to foster local Web3 development initiatives.