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MVL Launches $10M Ecosystem Fund to Achieve the Value-Sharing Vision

SINGAPORE, Feb. 28, 2024 (GLOBE NEWSWIRE) -- MVL, a blockchain mobility platform, has unveiled a $10M ecosystem fund dedicated to actualizing its vision of sharing real-world business value within its web3 ecosystem and further expanding the blockchain ecosystem.


The MVL ecosystem fund consists of proceeds from the 1st round of buyback program, conducted with roughly $1 million sourced from actual business profits, as well as MVL Foundation holdings and revenue from on-chain products. MVL intends to utilize the funds to provide a wide range of benefits to MVL ecosystem users in the future

The use of the MVL ecosystem fund are as follows. Foremost, MVL intends to consistently introduce secure and sustainable staking products linked with real-world business achievements. In line with this, the company anticipates that Korean MVL holders, who may not have felt the impact of the actual mobility business achievements thus far, will be able to grow alongside MVL's business expansion in the future.

The fund will also be utilized to offer additional advantages to new financial models integrating physical mobility infrastructure, including MVL's own vehicles and batteries, with blockchain technology. The allocation and utilization of these ecosystem funds will be managed transparently through the blockchain and will be accessible to anyone through a dashboard.

MVL's CEO Kay Woo said "In the future, we will offer direct benefits to MVL holders based on the sustainability and stability of an actual global mobility business." He added, "Moving toward, we will unveil various innovative initiatives in the blockchain market by utilizing the extensive mobility data accumulated by MVL over the previous six years."

Meanwhile, MVL has been operating TADA and ONiON, a value-sharing mobility business, since 2018 with the vision of innovating the mobility industry with blockchain technology. A representative stated that "MVL is striving to revolutionize the global mobility market by challenging the value monopoly maintained by dominant operators Grab and Gojek in Southeast Asia. These efforts have resulted in achieving the position of the second-largest ride-sharing company in Singapore."

Media contact

Brand: MVL

Contact: Media team

E-mail: rose.purevdorj@mvlchain.io

Website: https://mvlchain.io

SOURCE: MVL