In June 2026, the world\u2019s leading Web3 taxi app will be launched in the Big Apple.<\/p>\n
This ride-hailing app\u2014called TADA\u2014uses blockchain technology to connect drivers and riders via smart contracts. Its use of decentralized tech enables greater transparency, fairer earnings for drivers, and cost savings for riders, co-founder Kay Woo told Fortune in a Dec. 24 interview.<\/p>\n
\u201cWe don\u2019t work as an intermediary. We are becoming the software for both [drivers and riders] and while they\u2019re using our network, they just need to simply pay a small fee,\u201d Woo says.\u00a0<\/p>\n
TADA was founded in Singapore in 2018<\/a> by two South Korean tech entrepreneurs: Kay Woo and Jay Han. The ride-hailing app is best known for its \u201czero commission model\u201d, which charges drivers a flat software fee (of around 78 to 92 cents) rather than a cut of their earnings.<\/p>\n The platform has a significant and growing share in Singapore\u2019s crowded ride-hailing market, constituting 11.1% of market share in 2022, according to data platform Measurable AI. As of October 2024, TADA brought in a record $19.8 million in revenue, up from $15.7 million in 2023<\/a>.<\/p>\n Since its launch, TADA has expanded to various markets in Asia, including Cambodia and Vietnam in 2019, and Thailand and Hong Kong in 2024. Within the U.S., the company is currently trialing its tech in Denver, and plans to launch officially in NYC in June.<\/p>\n The origin story<\/strong><\/p>\n TADA\u2019s entry to NYC marks a full-circle moment for Woo, who had first begun his entrepreneurship journey in the city.\u00a0<\/p>\n In 2012, alongside a friend, Woo created a social gathering application with the goal of bringing people together\u2014but the app flopped.<\/p>\n \u201cI couldn\u2019t 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,\u201d Woo says.\u00a0<\/p>\n After a few failures, they decided to create a product that would generate revenue from the get-go, and a ride-hailing app came to mind.\u00a0<\/p>\n In 2014, Woo and Han moved back to Asia, and set out to digitalise the cross-border mobility services between the bustling cities of Hong Kong and Shenzhen.<\/p>\n According to Woo, although Uber and DiDi were popular in the region, ride-hailing apps didn\u2019t yet offer cross-border transport services. Instead, car rental companies and drivers managed reservations with pen and paper\u2014and Woo saw a gap in the market.<\/p>\n After a successful test run in Hong Kong and mainland China, TADA\u2019s founders officially launched their ride-hailing business in Singapore<\/a>, choosing the city-state as it is densely populated and has \u201csuperb infrastructure support.\u201d\u00a0<\/p>\n \u201cAmong Southeast Asian countries, Singapore is super important to showcase all other neighboring countries in Southeast Asia,\u201d Woo says. \u201cWe got lucky in picking the right place, but also the right time.\u201d<\/p>\n Aside from revenue from its platform fees, TADA has several other revenue streams.\u00a0<\/p>\n Besides generating a profit from the broader Web3 platform by its parent company, MVL, TADA sells anonymized vehicle and driving data\u2014with consent\u2014to ecosystem partners, and offers MVL tokens to be traded on external cryptocurrency exchanges.<\/p>\n