- Southeast Asian tech startup Grab is trialing Web3 services in Singapore via a partnership with Circle.
- Grab’s Web3 Wallet users in Singapore can set up blockchain wallets, earn rewards, and access unique NFT vouchers.
- Industry insiders caught wind of Grab’s Web3 ambitions about a week before the official announcement.
In Singapore, delivery and cab service Grab has unveiled its new venture into the world of Web3 services. This intriguing development springs from a fresh partnership with Circle, a key player known for introducing the USD Coin (USDC).
Circle took the lead in announcing this partnership on September 14, unveiling the all-new Web3 features available for Grab users in Singapore. These services are now accessible under the “Grab Web3 Wallet” tab. The synergy between Circle’s state-of-the-art Web 3 Services platform and the Grab app sets a foundation for more traditional businesses to easily embrace stablecoins, digital goods, and innovative smart contracts.
This trial period offers a golden chance for eligible Grab users. They can now immerse themselves in the world of blockchain by setting up dedicated wallets on the platform. On top of this, the users can also enjoy rewards, collect unique items, and experience the allure of nonfungible token (NFT) deals. An interesting tidbit is the upcoming introduction of SG Pitstop Pack NFT vouchers within the Grab Web3 Wallet. These vouchers will hold special value during the F1 Singapore Grand Prix, as they can be cashed in at specific high-profile outlets in the city.
Buzz within the industry was palpable even before the official reveal. Sharp-eyed experts had noticed a hint at Grab’s Web3 aspirations, spotting a Web3 feature along with a crypto wallet within the app on September 7.
Jeremy Allaire, the top man at Circle and its co-founder, couldn’t hold back his excitement. Sharing his sentiments on a platform akin to Twitter, he underlined the potential of the tie-up between Circle and Grab in kickstarting the Web3 Wallet journey. Allaire lauded the move by significant Web2 platforms towards the world of blockchain. He went on to highlight how this merger of tech prowess and Grab’s extensive user network is a monumental leap in promoting the positive aspects of digital assets.
A quick dive into Grab’s history reveals its origin in 2012 as MyTeksi. Rooted in Singapore, this multipurpose app has grown to offer an array of services. From booking rides and ordering food to facilitating digital payments, Grab has left its mark. Furthermore, its influence isn’t limited to Singapore. Grab’s reach has expanded to countries like Malaysia and the Philippines, among others.
Singapore Invests Heavily in Web3 Tech
Singapore is ramping up its backing of blockchain and Web3 technologies. The country has earmarked a whopping $112 million to support fintech initiatives, notably those centered around Web3. This move underscores Singapore’s foresight in recognizing the transformative potential of these digital platforms and tools in reshaping the financial landscape.
The nation’s tech ecosystem is also witnessing an uptick, marking Singapore as a budding epicenter for Web3 innovations. Insights from various industry dialogues suggest that there’s been a surge in blockchain-oriented startups setting their roots in the city-state. This surge signals a favorable climate cultivated by the nation to foster the expansion and proliferation of Web3 ventures.
Taken together, Singapore’s substantial financial investment and the burgeoning startup environment cement its position as a forward-thinking nation. The country is keen on championing the growth and integration of blockchain and Web3 frameworks in its economic blueprint.