Yesterday, Singapore-based blockchain firm MVL announced it raised $5 million in its Series A funding round led by South Koran venture capital firm SV Investment. MVL has a flagship product called TADA, a blockchain-based ride-hailing service.
South Korean car parts manufacturers, Central and SIMWON also participated in the funding round.
TADA translates to ‘ride’ in Korean and offers a zero-commission model. The TADA app is powered by
MVL Chain, an ecosystem bringing automotive stakeholders onto a single platform. The MVL blockchain records the entire vehicle history such as maintenance, repairs, previous rides and rating of the driver to improve services to customers.
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