Circle has added its Web3 platform to Singapore-based Grab’s super app.
The integration is available as the Grab Web3 Wallet and lets Singapore-based users set up a blockchain-enabled wallet, earn rewards and collectibles, and use non-fungible token (NFT) vouchers, according to a Thursday (Sept. 14) press release.
“Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users,” Circle Co-founder and CEO Jeremy Allaire said in the release. “Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital assets innovation.”
The collaboration supports the Monetary Authority of Singapore’s Project Orchid initiative “as a real-world demonstration of Purpose Bound Money” (PBM), the release said.
Grab last year teamed with StraitsX to introduce PBM as digital eCommerce vouchers. The PBM token is an alternative payment method that consumers can use as digital currency, transferring it instantly to a merchant’s digital wallet.
Circle first announced plans to invest in Singapore in 2021. The company’s latest partnership in the country is happening as other crypto companies look to overseas markets amid pressure from regulators in the United States
For example, this week saw the news that Ripple plans to do 80% of its hiring from countries outside the U.S., with CEO Brad Garlinghouse arguing during a conference in Singapore that the island and nations like it offer a better environment.
“It’s super frustrating that you see markets like we have here in Singapore … where the governments are partnering with the industry, and you’re seeing leadership providing clear rules, and you’re seeing growth,” Garlinghouse said Wednesday (Sept. 13). “And frankly that’s why Ripple is hiring there.”
Circle and Grab’s announcement came one day after the Land Transport Authority (LTA) of Singapore said it would review the ride-hailing and taxi industries.
The LTA is undertaking the review to examine the state of the point-to-point (P2) travel sector, which has seen a jump in the number of ride-hailing trips and a decline in demand for taxis. However, taxis are still serving high-demand locations and cater to tourists and less technologically savvy commuters.
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