MVL Foundation Pte and TADA have signed a partnership with Binance to launch the Mobility Blockchain Ecosystem.
MVL Foundation Pte was founded in 2018 to link together different sectors of the mobility industry and has built the ecosystem MVL (Mass Vehicle Ledger) based on blockchain to bring together all stakeholders in the automotive sector
TADA is the world’s first zero commission application to offer a taxi service.
It is based on MVL’s blockchain technology, which records on the blockchain key data such as transactions, routes, accidents and road works. TADA was launched in Singapore on July 26th, 2018, and has already been used by over 30,000 drivers and 300,000 passengers.
The partnership with Binance will allow the use of BEP2 standard tokens on the Binance Chain.
In fact, some of the MVL tokens, currently based on the ERC20 standard, and the existing MVL tokens on the incentive reserve pool, the so-called MVL points, will be exchanged for new MVL-BEP2 tokens. The two companies have also agreed to connect the Binance Trust Wallet to the TADA platform, so as to use the new MVL-BEP2 and BNB tokens as payment methods.
The company explains that it chose Binance Chain for the transaction speed and for the fact that Binance does not have access to users’ anonymous wallets, giving them full control of the Trust Wallet’s private keys.
Once this is done, TADA users will be able to pay for the service with the new tokens and exchange MVL more quickly and securely through Binance’s Trust Wallet and DEX.
MVL points will be used to reward TADA drivers as an incentive, and the company expects the MVL ecosystem to expand further through integration with Binance Chain.
MVL’s CEO, Kay Woo, said:
“The integration with Binance Chain is expected to add more vitality to the TADA platform and MVL ecosystem. We are delighted to build a transparent and reliable mobility ecosystem based on the blockchain with Binance”.
Binance’s CEO, Changpeng CZ Zhao, added:
“The ride-hailing service, TADA provided by MVL is a good example of the daily use of crypto use case. We are happy to drive the mass crypto adoption together with MVL”.