As per the recent report, a global financial technology firm, Circle has revealed a collaboration with Grab Singapore to expand its presence in the region.
Circle and Grab Debut Web3 Wallet
The partnership will feature an interface between its Web3 platform and Grab Singapore’s Web3 wallet service. Notably, the agreement is seen before the Formula One Singapore Grand Prix.
With this development, there will be a new product ‘Grab Web3 Wallet,’ which is aimed to close the gap between users of Web2 and Web3.
Web3 Expansion in Singapore
Along with spending NFT coupons, users can use it to accrue incentives and collectibles. The two partners offer preliminary assistance for the SG Pitstop Pack NFT coupons.
The platform’s co-founder and CEO, Jeremy Allaire, claims that working together progresses them one step closer to realizing the potential of innovation in digital assets. He added that the partnership’s main goal is to aid Grab Singapore’s customers with daily usability.
Circle and Grab to Fuel Innovation in Singapore
Dante Disparte, Circle’s Chief Strategy Officer and director of Global Policy, concurs with Jeremy’s assertion. Dante has stated that the purpose is to hasten the implementation of blockchain technology, that fuels innovation throughout Singapore. Additionally, it will advance the nation’s ambitious strategy for leading the entire world in technological innovation for digital assets.
This news follows the recent collaboration with the Seychelles-based prominent cryptocurrency exchange OKX. According to reports, the strategic partnership would combine Circle’s Cross-Chain Transfer Protocol (CCTP) with USDC functionalities on OKX Wallet and the OKX DEX aggregator. Significantly, the incorporation of USDC capabilities is free of network costs.
Development of the Crypto Scene in Singapore
Additionally, Allaire told CoinDesk Japan that if the nation allows the widespread use of stablecoins for cross-border settlements, foreign currency transactions, and international trade, it could possibly become a very large market.
Notably, Circle Singapore opened its corporate office in the city-state in May after obtaining in-principle MPI approval from MAS in November, last year. Also, Circle’s Singaporean affiliate, Circle Internet Singapore, received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) back in June.