South Korean blockchain startup MVL – short for Mass Vehicle Ledger – has just launched its ride-hailing app in Singapore. The city-state is its maiden market, with further launches slated for Vietnam, South Korea, and Japan in the near future.
Named Tada – which means “let’s ride” in Korean – the app is built on MVL’s blockchain ecosystem, which is specifically designed to serve the automotive industry, adjacent service industries, and their customers.
Tada’s unique selling point is that it won’t charge any commission from its driver-partners – meaning that they keep the entire fare paid by their passengers, minus the transaction fees when users opt for credit cards or other payment methods that require them.
Speaking at the launch event in Kampong Ubi, Singapore, MVL founder Kay Woo said that the service has already signed up more than 2,000 driver-partners, and expects to onboard between 100 and 200 a day going forward.
Tada drivers will be able to work concurrently for other ride-hailing services if they wish (or if other services allow them to do so).
Tada will award its MVL digital tokens to driver-partners that receive positive reviews from passengers, who will also be rewarded with cryptocoins when they give feedback.
"Less than a fortnight after the launch of its mobile application, new ride-hailing platform Tada has signed up more than 9,500 drivers and chalked up nearly 50,000 bookings, but analysts said questions over its staying power remain."