Blockchain-based ride-hailing platform TADA is preparing to launch in New York City as part of its international expansion strategy.
The company uses blockchain technology and smart contracts to connect drivers and riders directly without a traditional intermediary.
TADA co-founder Kay Woo said the model improves transparency, boosts driver earnings and reduces costs for passengers.
We don’t work as an intermediary. We are becoming the software for both (drivers and riders) and while they’re using our network, they just need to simply pay a small fee.
Woo said.
Founded in Singapore in 2018, TADA was created by South Korean entrepreneurs Kay Woo and Jay Han.
The platform is known for its zero-commission structure, charging drivers a flat software fee rather than a percentage cut.
Drivers typically pay between $0.78 and $0.92 per ride instead of commission-based fees.
TADA secured 11.1% of Singapore’s ride-hailing market share in 2022, according to Measurable AI data.
The company generated $19.8 million in revenue by October 2024, rising from $15.7 million in 2023.
TADA expanded into Cambodia and Vietnam in 2019 before entering Thailand and Hong Kong in 2024.
In the United States, the firm is currently testing its technology in Denver.
A full New York City launch is planned for June.
Woo said the move marks a personal milestone, having started his entrepreneurial journey in New York.
In 2012, Woo unsuccessfully launched a social application aimed at organising gatherings.
I couldn’t sell the product. I come from an engineering and finance background, and my co-founder was an engineer. We were just a bunch of nerds.
Woo said.
After early failures, the founders pivoted towards ride-hailing to generate immediate revenue.
In 2014, they focused on cross-border transport between Hong Kong and Shenzhen.
Woo identified inefficiencies in reservation systems still reliant on manual processes.
Singapore was selected for launch due to dense population and strong infrastructure.
TADA also earns revenue from anonymised vehicle data and Web3 services under parent company MVL.
The platform issues MVL tokens traded on external cryptocurrency exchanges.
Woo believes high commission fees from existing services frustrate US drivers.
We need to give them a choice—TADA is going to be a painkiller for them.
Woo said.
Woo argues legacy ride-hailing platforms represent an earlier disruptive wave.
And now it’s their time to be disrupted with a new type of model.
Woo said.
At the time of reporting, MVL price was $0.001655.