The aim of this pilot is to demonstrate real-world use of Purpose Bound Money, as part of the Monetary Authority of Singapore (MAS)’s Project Orchid.
Global payments firm Circle Internet Financial has partnered with Southeast Asia ride-hailing giant Grab to pilot a Web3, blockchain-based wallet in Singapore.
This will be done through the integration of Circle’s new Web3 Services platform in the Grab app.
The "Grab Web3 Wallet" will be available to all Singapore-based Grab ride-hailing app users, allowing them to earn rewards and collectibles while also using non-fungible token (NFT) vouchers.
Initially, the wallet will facilitate the usage of the SG Pitstop Pack NFT coupons at prominent Singapore retailers and tourist attractions during the upcoming F1 Singapore Grand Prix.
Co-founder and CEO of Circle, Jeremy Allaire, mentioned in the release:
“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.”
The aim of the pilot is to demonstrate real-world use of Purpose Bound Money, as part of the Monetary Authority of Singapore (MAS)’s Project Orchid. Purpose Bound Money is built on blockchain technology and allows users to access digital money without the need of a middleman, using their preferred wallet provider.
Circle officially opened its Singapore office in May this year, and obtained a major payment institution license from the MAS in June, allowing it to offer digital payment token services. Besides Singapore, Circle is also looking into issuing its stablecoin in Japan.
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