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MVL Announces Partnership with IoTeX to Boost the DePIN Ecosystem

SEOUL, KOREA, April 05, 2024 (GLOBE NEWSWIRE) -- MVL, a blockchain mobility company, has recently announced a strategic partnership with IoTeX, a prominent player in the DePIN (Decentralized Physical Infrastructure Network) sector. This collaboration is set to enhance the utility and value of mobility data derived from real-world assets like vehicles and mobility services by connecting such data directly to the blockchain network.


DePIN, short for Decentralized Physical Infrastructure Network, seeks to transform real-world infrastructures, including vehicles and mobility sectors, by incorporating blockchain technology. This integration not only enables participants to be rewarded with data generated from Real World Assets (RWA) but also fosters the convergence of data across different sectors within a standardized network framework. This convergence is particularly instrumental in directly linking financial services, thereby significantly enhancing the data's added value.

Since its establishment in 2017, IoTeX has been at the forefront of integrating physical infrastructure with blockchain technology. The company supports a wide range of projects focusing on physical infrastructure through a robust set of development tools. Among its notable contributions are DePINscan, a map-based dashboard offering comprehensive data visualization functions, and W3bstream, a service connecting real-world data with the blockchain. IoTeX also operates its own mainnet, featuring a consensus mechanism designed for efficiency, scalability, and the seamless integration of vast real-world infrastructure data.

The partnership between MVL and IoTeX marks a pivotal step in leveraging blockchain technology for the mobility sector. Through this strategic partnership, MVL plans to integrate data from its ONiON Mobility's physical infrastructure, consisting of approximately 700 vehicles and bikes, along with data from over 3,000 EV batteries and 13 EV stations, into IoTeX's DePINScan and W3bstream services. Furthermore, MVL intends to gradually incorporate data from its expansive network of 250,000 drivers and 2.5 million riders participating in TADA ride-sharing services across four Asian countries.

This integration aims to enhance the utility and value of the extensive mobility data accumulated by MVL over the past six years, facilitating vehicle monitoring and asset management based on data. This move is expected to further the popularization of vehicle RWA, building on the product value demonstrated in the previous pilot project.

Kay Woo, CEO of the MVL Foundation, expressed optimism about the partnership, stating, "Through collaboration with IoTeX, numerous global projects will now have access to MVL's vast real-world mobility data. Additionally, by the end of April, we plan to release detailed information on vehicle RWA in Japan, which will contribute to the growth of the MVL ecosystem."

Raullen Chai, co-founder and CEO of IoTeX, highlighted the synergy between the two companies, noting, "MVL's data-driven mobility aligns perfectly with IoTeX's vision. This collaboration enhances our capacity to leverage decentralized devices for real-time AI applications, shaping the future of mobility."

About MVL

MVL is creating a new mobile world whose value belongs to everyone. By adding blockchain to the mobile ecosystem, MVL seeks to create a new standard that allows all participants to share value transparently.

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SOURCE: MVL