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TADA And ONiON Mobility Parent Company, MVL, Lists On Bitget Cryptocurrency Exchange

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MVL is a blockchain mobility company which operates both TADA, a ride-hailing app and service, and manufactures the ONiON electric TukTuk in Cambodia. The firm has announced it has listed on BitGet, the Singaporean-based cryptocurrency exchange on March 21, 2024. 

MVL was previously listed on HTX(Huobi) in March 2024 and now is listed on BitGet, which is regarded as a top 10 cryptocurrency exchange globally. Bitget boasts a user base of over 20 million spanning across 100+ countries. 

MVL CEO Kay Woo said, "This listing will attract a substantial international user base, and elevate our global brand recognition. We have ambitious plans to further our presence in the global blockchain industry." 

MVL has been operating SEA market-focused mobility services since 2018 with the goal of transforming the mobility industry through blockchain technology. ONiON is a Cambodian subsidiary of South Korean-owned MVL and ONiON Mobility Co Ltd started manufacturing its T1 E-tuk tuk in Cambodia before the end of 2021 after agreeing to invest USD $20 million in an electric motorbike and auto-rickshaw assembly plant in the Suvannaphum Special Economic Zone.

TADA Mobility Services

TADA Mobility Services 
Image Credit: MVL - TADA Launch in Thailand.

MVL is the force behind South Korea’s ride-hailing service TADA which operates in the Kingdom as a Zero-Commission Ride-hailing service. TADA also operates in Singapore, Thailand, and Vietnam, and on March 2, 2024 launched operations in Thailand. 

CEO Kay Woo added "TADA has emerged as the second-largest platform in the Southeast Asian market, experiencing notable growth and achieving profitability in 2023. We intend to expand our services to various regions in Asia in the near future."

MVL Expanding Its Blockchain Ecosystem

A press release also claims that MVL is establishing a token economy that circulates revenue from its real-world businesses among MVL token holders and ecosystem users and that MVL will be implementing a token buyback program and a recirculation program funded by profit from its real-life businesses. In February 2024, they officially launched the MVL Ecosystem Fund, valued at USD $10M, equivalent to around 2 billion MVL tokens. 

MVL Expanding Its Blockchain Ecosystem
 Image Credit: MVL.

Via Twitter, the CEO also confirmed they are developing DEPIN, a decentralized physical infrastructure network which aims to integrate the data collected from its physical mobility business into blockchain technology. 

"Introducing DePin of $MVL! Our journey over the past 5+ years to build our mobility infrastructure network has led to significant achievements with TADA and onionmobility. DePin of $MVL is a crucial part of #MVLRWA, emphasising the power of mobility data. It's a cornerstone in realizing our #MVLRWA vision." 

The MVL corporate site adds that "MVL records key data such as transactions, movements, accidents, and maintenance of people and vehicles in many fields, connecting them together in a single ecosystem." 

They are also working on developing new NFT (Non-Fungible Token) financial products by recording data from electric tricycles produced by ONiON Mobility on the blockchain. 

As B2B Cambodia has tried to clarify previously, Cambodian banks are not allowed to operate or deal with crypto businesses but this is not the case for individuals trading crypto or digital assets.

Cambodian Blockchain News