South Korean startup enters Singapore's ride-hailing scene

It is the first blockchain-based ride-hailing service in the world.

South Korean blockchain startup Mass Vehicle Ledger (MVL) rolled out its ride-hailing service TADA in Singapore, an announcement revealed.

TADA, which means ‘ride’ in Korean, is set to be the first blockchain-based ride-hailing service in the world. It is also the first commercial service offered by the startup.

“There is a big ride-hailing service in Singapore, but drivers and passengers are dissatisfied with it due to its monopoly structure,” MVL said in a statement.

As of launching, the platform has 2,000 drivers registered onboard.

With Singapore as its first market, MVL founder Kay Woo said that the firm eyes to expand to TADA to other Asian countries including Vietnam and South Korea.

In order to get to know Singapore’s ride-hailing landscape, MVL appointed seven advisors who were either came from Uber or had done business with Uber.

The startup was enlisted in the Korean Exchange on 19 July.