MVLLABS, the company behind TADA, a blockchain-based zero-commission ride-hailing service headquartered in Singapore, has secured US$5 million in fresh funding led by Central, a South Korean company in the vehicle after-market space.
With this, MVL’s total funding raised to date has reached US$13.4 million since its inception two years ago.
Based in South Korea, MVL has plans to manufacture E-TukTuk (an electric auto-rickshaw system) for distribution in Southeast Asia alongside Myung-shin, a Korean automobile production plant company currently producing electric vehicles.
With this additional financing, MVL aims to accelerate its plan to supply electric vehicles in Southeast Asia, setting its sights to distribute and sell an estimate of 10,000 E-TukTuks by 2021 in Cambodia.
“The biggest advantage of TADA is that there is zero platform commission to drivers. With this unique selling point, we hope to rapidly distribute E-Tuk Tuk to 600,000 platform users and bring heightened mobility innovation to the Southeast Asian market,” said Kay Woo, CEO of MVL.
MVL is a mobility ecosystem based on the Mass Vehicle Ledger incentive-based mobility blockchain protocol. MVL has been driving the mass adoption of its mobility blockchain through TADA.
TADA said in a statement that over 81,000 drivers and more than 550,000 users have used its service in Singapore, Vietnam and Cambodia.
Mobility data such as transactions, movements, accidents, and maintenance of vehicles are recorded and connected in a single MVL ecosystem. Users interact with MVL’s mobility data ecosystem on the blockchain through connected services such as TADA and other upcoming services.
South Africa Today