The world’s leading blockchain-based taxi app is setting its sights on New York City

This ride-hailing app, called TADA, uses blockchain technology to connect drivers and passengers via smart contracts. Its use of decentralized technology enables greater transparency, fairer earnings for drivers, and cost savings for passengers, said co-founder Kai Wu. luck In an interview on December 24.

“We are not acting as an intermediary. We have become the program for both [drivers and riders] “While using our network, they only have to pay a small fee,” says Wu.

TADA was founded in Singapore in 2018 by two South Korean tech entrepreneurs: Kai Woo and Jae Han. The ride-hailing app is known for its “zero commission model,” which charges drivers a flat software fee (about 78 to 92 cents) rather than a cut of their earnings.

The platform has a large and growing share of Singapore’s crowded ride-hailing market, where it will account for 11.1% of the market share in 2022, according to data platform Measurable AI. As of October 2024, TADA had record revenue of $19.8 million, up from $15.7 million in 2023.

Since its launch, TADA has expanded to various markets in Asia, including Cambodia and Vietnam in 2019, and Thailand and Hong Kong in 2024. In the United States, the company is currently trialling its technology in Denver, and plans to officially launch it in New York City in June.

Origin story

TADA’s entry into New York City represents a full-circle moment for Woo, who first began his entrepreneurial journey in the city.

In 2012, Woo, together with a friend, created a social gathering app with the goal of bringing people together, but the app failed.

“I couldn’t sell the product,” Wu says. “I come from an engineering and finance background, and my co-founder was an engineer. We were just a bunch of nerds.”

After several failures, they decided to create a product that would generate revenue from scratch, and a ride-hailing app came to their mind.

In 2014, Wu and Han returned to Asia and set about digitizing cross-border mobility services between the bustling cities of Hong Kong and Shenzhen.

According to Woo, despite the popularity of Uber and DiDi in the region, the ride-hailing apps have yet to offer cross-border transportation services. Instead, car rental companies and drivers were able to manage bookings using pen and paper, and Wu saw a gap in the market.

After a successful trial in Hong Kong and mainland China, TADA’s founders officially launched their passenger transportation business in Singapore, choosing the city-state because it is densely populated and has “great infrastructure support.”

“Among Southeast Asian countries, Singapore is of great importance to highlight all other neighboring countries in Southeast Asia,” says Wu. “We were lucky to pick the right place, but also the right time.”

Aside from revenue from platform fees, TADA has several other revenue sources.

Besides monetizing the broader Web3 platform by its parent company, MVL, TADA sells anonymized vehicle and driving data – with consent – ​​to ecosystem partners, and offers MVL tokens to be traded on third-party cryptocurrency exchanges.

Journey to the West

After growing his business in Asia, Wu now has his sights set on the United States, where he is ready to take on industry giants like Uber and Lyft.

“Whenever I go to New York, I interview old drivers, and everyone says the same thing: the current ride-hailing services require a lot of commission, but they have no choice,” Wu joked. “We need to give them a choice – TADA will be a pain reliever for them.”

Woo is a staunch proponent of disruption, believing it to be a fundamental principle of progress.

He alludes to “legacy” ride-hailing apps such as Uber and Grab as part of the “first wave,” which has disrupted the traditional taxi market. But he says these platforms were built with capitalist goals, resulting in platform fees and prices skyrocketing.

“Now it is time for change through a new kind of model,” Wu adds.