The collaboration supports the MAS's Project Orchid initiative as a real-world demonstration of Purpose Bound Money.
Grab has partnered with crypto giant Circle to pilot Web3 customer experiences in Singapore through the integration of Circle's new Web 3 Services platform in the Grab app.
Available as the 'Grab Web3 Wallet,' Singapore-based users may set up a blockchain-enabled wallet, earn rewards and collectibles, and use non-fungible token vouchers.
Launched as a pilot for the SG Pitstop Pack, the collaboration supports the Monetary Authority of Singapore's (MAS) Project Orchid initiative as a real-world demonstration of Purpose Bound Money.
"Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab's customers brings us closer to realizing the full potential of responsible digital assets innovation," says Circle co-founder and CEO Jeremy Allaire.
Founded in 2013, Circle is currently building its momentum in Singapore, having obtained its Major Payment Institution licence from the MAS in June 2023. The firm officially opened its Singapore office in May.
Shares in Grab closed 26 US cents lower or 6.86% down on Sept 13.