Circle and Grab partners to launch a Web3 wallet in Singapore, offering users robust security, peer-to-peer transfers, and access to cryptocurrencies and potentially NFTs.
Web3 wallets are gaining traction in the world of finance and technology, and Singapore is no exception. In a groundbreaking collaboration, payments firm Circle has partnered with Grab to test a Web3 wallet in the Lion City, marking a significant step towards the adoption of blockchain technology in everyday financial transactions.
What is Web3?
Web3, also known as the "next-generation internet," is a decentralized, transparent, and user-empowered vision for the future of the web. In the realm of finance, Web3 wallets are poised to revolutionize how we manage and transfer assets securely.
Web3 wallets are digital wallets that allow users to store, send, and receive cryptocurrency and other digital assets without the need for a central intermediary. This means that users have full control over their own assets and can transact directly with each other, without having to rely on banks or other financial institutions.
Circle and Grab partners to bring cryptocurrency and Web3 services to Singapore.
Circle, a Boston-based global payments company that issues USDC and Euro Coin, announced on September 14 that its new Web3 services platform will be integrated into Garb, a Southeast Asian ride-hailing and food delivery giant with over 31 million active users in eight countries.
This integration will allow Garb users to access a variety of Web3 services, including the ability to buy, sell, and use cryptocurrencies, as well as interact with decentralized applications (DApps). Grab users will be able to create a crypto wallet called Grab Web3 Wallet to store digital assets, earn rewards and collectables, and use NFT vouchers.
The collaboration is part of the Monetary Authority of Singapore's (MAS) Project Orchid, which is exploring the use of blockchain technology in the financial sector.
For the beginning, Grab is testing the Web3 wallet in Singapore that will allow users to spend SG Pitstop Pack NFT vouchers at popular stores and tourist attractions during the upcoming Formula One Singapore Grand Prix. The company is focused on testing the concept of programmable money and its use cases in Singapore.
Digital asset firms are moving to Asia, a key growth market, as regulatory pressures increase in the US.
Circle, a digital asset company, opened an office in Singapore in May 2023. In June, the Monetary Authority of Singapore (MAS) granted Circle a major payment institution license, enabling it to provide digital payment token services.
In July, Circle revealed a strategic restructuring plan, concentrating on Asia and exploring fresh growth opportunities within the Web3 domain. As a result, Circle implemented minor workforce reductions in various markets, including Singapore.
The restructuring likely stems from increasing regulatory pressures faced by digital asset firms in the United States. Many such companies are actively pursuing opportunities in Asia, which is widely recognized as a pivotal growth market for the industry.
