June 07, 2023, Seoul – MVL Labs (MVL), a blockchain mobility company, today announced that it has been recognized as one of the “Top 5 Companies for Blockchain Solutions in South Korea 2023” by APAC CIO Outlook, a leading global business publication.
APAC CIO Outlook is a global ICT magazine with a readership of more than 60,000 readers and 130,000 digital subscribers, targeting key executives and IT personnel in the APAC countries. It covers a wide range of topics including blockchain, ERP and other IT solutions, digital twins, software, and big data, and conducts regular research to discover and highlight innovative companies.
MVL Labs is a company that specializes in revolutionizing the mobility sector using blockchain technology and operates TADA, a Southeast Asia-based ride-hailing platform, and ONiON Mobility, an electric vehicle and infrastructure manufacturing company.
Since its establishment in 2018, TADA has grown to become the leading ride-hailing platform in Southeast Asia with 200,000 drivers and more than 2 million users, while ONiON Mobility has also established a strong presence in the Southeast Asian market mobility space, launching its first battery-swappable electric tricycle, the ONiON T1, last year.
“We are honored to be selected as one of the top five companies in Korea for blockchain solutions,” said Kay Woo, CEO of MVL Labs. “We will continue to lead the transformation of the mobility industry through blockchain technology and secure our competitiveness in the global market” he added.
MVL’s goal was to revolutionise the existing system by introducing a mobility blockchain protocol in collaboration with global mobility players. The company, however, encounteredoperational difficulties when potential partners questioned the legitimacy of its zero-commission model. Resolute in its commitment to decentralize ride-hailing services, MVLdeveloped its own. With over 200,000 drivers registered on the platform, TADA has over 2 million users. The service has already helped its drivers earn over USD 300 million inrevenue.
“With TADA, we are transforming the ride-hailing market by combining the concept of zero commission with blockchain technologies and incentives,” says Kay Woo, CEO of MVL.
The zero-commission model in TADA is implemented using MVL’s cryptocurrency, MVL Token. Users, including drivers and passengers, are rewarded MVL points as incentives foractive participation within the ecosystem, fostering engagement and encouraging users to contribute to the overall growth and success of the platform. The revenue generatedfrom TADA and incentives provided to drivers and users are channelled into the MVL Treasury, MVL ecosystem’s cryptocurrency reserve.
Many of us might have heard of TADA, a ride-hailing app that counts Grab, and Gojek among its competitors in Singapore. One of the selling points of TADA is that it takes no commission for its services.
But TADA itself is just one part of a larger ecosystem — MVL’s mobility blockchain ecosystem — and therein lies the secret of TADA’s business.
About MVL Labs
MVL is a blockchain-based mobility company founded in 2018. It has connected the physical mobility environment built on the Southeast Asian market to the blockchain and is realizing a web3 mobility world where ecosystem participants receive rewards for their contributions. Currently, millions of participants are active in the MVL ecosystem based on the growth of practical businesses such as ride-hailing service TADA and ONiON Mobility, which produces electric vehicles and related infrastructure.