Singapore-based blockchain mobility company MVL Foundation Pte Ltd announced Monday (24 June) that it has signed a partnership with Binance, a global cryptocurrency exchange.
MVL Foundation is the parent company of blockchain-based zero-commission ride-hailing service TADA and the blockchain ecosystem MVL.
The partnership will see MVL apply the BEP2 standard of Binance through Binance Chain, the mainnet of Binance, which was launched in April this year.
BEP2 is defined as “a set of pre-defined criteria implemented to launch tokens on the Binance blockchain”, according to this.
Some of the current Ethereum ERC-20-based MVL tokens in circulation and existing MVL tokens used for TADA incentives, called MVL Points, will be swapped with MVL-BEP2 tokens.
A spokesperson from MVL has clarified with Vulcan Post that not all ERC-20-based MVL tokens will be swapped to BEP2-based tokens.
The swap will only be partially supported, and the swap ratio or method will be announced soon.
Both firms also agreed to connect Binance’s Trust Wallet, an open-source and decentralised applicatoin of Binance Chain, to TADA’s platform to use MVL-BEP2 token and Binance’s own token as payments.
With this integration, TADA users can pay and trade MVL tokens through Trust Wallet and Binance DEX (decentralised exchange) once the Binance community approves TADA’s listing proposal.
TADA drivers and riders who accumulate MVL Points by using TADA’s service can exchange them for MVL tokens, which can also be used on Binance Chain.
According to the spokesperson, the integration with Binance Chain will allow users to also make payments with Binance’s BNB token, alongside the MVL token.
MVL believes that having diverse payment methods adds to the vibrancy of the MVL ecosystem.
TADA users who convert their MVL Points into MVL tokens will be able to easily convert them into MVL-BEP2 tokens under this partnership, and be able to use it to trade on Binance’s extensive crypto exchange.
The spokesperson also added that beyond the integration, both companies are planning to hold joint business consultations in the future to discuss the promotions of the MVL ecosystem.
MVL’s CEO Kay Woo, said, “The integration with Binance Chain is expected to add more vitality to the TADA platform and MVL ecosystem.”
The firm cited Binance’s standing as the most recognised crypto-exchange in Southeast Asia and has the most number of active users as reasons for the partnership.
This is in line with TADA’s service that targets Southeast Asian markets such as Singapore, Vietnam, and Cambodia.
When asked what are some ways drivers can use MVL tokens, the spokesperson explained that MVL Points are accumulated through accepting rides, driving continuously, and getting good reviews from passengers.
As drivers’ ratings go up, various benefits will be unlocked, including the exchanging of MVL Points to MVL tokens.
When the integration kicks in, MVL token-holders will receive BEP2-based MVL tokens instead of ERC-20.
While this doesn’t change the value of the MVL token, users can now trade the MVL token on the Binance DEX, “rather than on existing exchanges such as Huobi Korea and IDEX”.
The company is driving real-life usage of MVL and BNB as the integration will enable users to use these tokens to pay for TADA services, and they are expecting the influence to grow in the coming years.
Featured Image Credit: MVL Foundation
