Global payments firm Circle Internet Financial has partnered ride-hailing operator Grab to test out a Web3, blockchain-based wallet in a pilot here.
As of Thursday (14 Sep 2023), all Singapore-based users of Grab’s ride-hailing app will be able to set up a blockchain-enabled wallet called Grab Web3 Wallet that holds digital assets.
Users can then earn rewards and collectibles, as well as use non-fungible token (NFT) vouchers with the new wallet.
Boston-based group Circle, which issues stablecoins USDC and Euro Coin, said on Thursday (14 Sep 2023) that its new Web3 services platform will be integrated into the Grab app to provide Web3 experiences.
Web3 is a new iteration of the Internet that incorporates concepts such as decentralisation and blockchain technology.
For a start, the Grab Web3 wallet will support the use of the SG Pitstop Pack NFT vouchers at popular stores and tourist attractions in Singapore during the upcoming Formula One Singapore Grand Prix.