The world’s leading blockchain-based taxi app sets its sights on New York

In June 2026, the world’s first Web3 taxi application will launch in the Big Apple.

This ride-hailing app, called TADA, uses blockchain technology to connect drivers and passengers through smart contracts. Its use of decentralized technologies allows for greater transparency, fairer earnings for drivers and savings for passengers, said co-founder Kay Woo. Fortune in an interview on December 24.

“We do not work as an intermediary. We become the software of both [drivers and riders] and while they use our network, they only need to pay a small fee,” says Woo.

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

The platform has a large and growing share in Singapore’s busy ride-hailing services market, constituting 11.1% of the market share in 2022, according to data platform Measurable AI. Since October 2024, TADA has implemented a 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 testing its technology in Denver and plans to officially launch it in New York in June.

The origin story

TADA’s entry into New York marks a full circle for Woo, who had begun his entrepreneurial journey in the city.

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

“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 says.

After a few failures, they decided to create a product that would generate revenue from the start, and a ride-sharing app came to mind.

In 2014, Woo 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, although Uber and DiDi were popular in the region, ride-hailing apps did not yet offer cross-border transportation services. Instead, rental car companies and drivers were handling reservations with pen and paper – and Woo saw a gap in the market.

After a successful test in Hong Kong and mainland China, TADA founders officially launched their ride-sharing business in Singaporechoosing the city-state because it is densely populated and has “superb infrastructural support”.

“Among Southeast Asian countries, Singapore is extremely important in showcasing all other neighboring Southeast Asian countries,” says Woo. “We were lucky to choose the right place, but also the right time. »

Besides revenue from platform fees, TADA has several other sources of revenue.

In addition to generating profits through its parent company MVL’s broader Web3 platform, TADA sells anonymized vehicle and driving data (with consent) to ecosystem partners and offers MVL tokens for trading on external cryptocurrency exchanges.

Journey to the West

After expanding its business in Asia, Woo is now setting its sights on the United States, where it is ready to take on industry giants like Uber and Lyft.

“Every time I go to New York, I ask former drivers, and everyone says the same thing: the current ride-sharing services take too many commissions, but they have no choice,” Woo quips. “We have to give them a choice: TADA is going to be a painkiller for them. »

Woo is a big proponent of disruption, believing it to be an essential principle of progress.

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

“And now it’s time for them to stand out with a new type of model,” adds Woo.

This story was originally featured on Fortune.com

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