MVL Successfully Completes RWA Tokenization Pilot Project, Paving the Way for E-Vehicles Assetization with NFTs

April 03, 2024 4:47 AM EDT | Source: Mkdigiworld

Seoul, South Korea--(Newsfile Corp. - April 3, 2024) - MVL, a blockchain-based mobility platform led by CEO Kay Woo, has announced the successful completion of a two-year pilot project run on E-Vehicle RWA (Real World Asset) Tokenization with NFTs.

MVL operates real-world Mobility businesses, such as 'TADA,' the second-largest ride-sharing service in Singapore, and 'ONiON Mobility,' an electric vehicle manufacturing and energy infrastructure company. Through these ventures, MVL has established a significant presence in Asia's Mobility Market.

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MVL's vehicle RWA NFTs incorporate vehicle assets and rental revenue, providing investors with profits upon maturity. Real-time vehicle data, including registration, location, mileage, and rental revenue, are all tied together within the NFT, encapsulating all vehicle rights.

In 2021, MVL launched the Vehicle RWA NFT, initially integrating it with their ONiON vehicles as a part of trials to prove the feasibility of the model. Over the last two years, MVL has diligently worked on intertwining on-site operations utilizing blockchain technology, overseeing the production, sales, and rental processes of actual vehicles across Southeast Asia. Moreover, they accomplished an infrastructure to connect Blockchains to real-world assets such as all vehicle rights, encompassing vehicle data, and driver financial information in NFTs. As of now, MVL has successfully finalized the setup of the entire infrastructure, marking a significant milestone in their endeavors.

Having achieved the success of the pilot project, MVL is gearing up to bring the mass adoption of E-Vehicle RWA Tokenization into the world.

As a part of the goals, MVL is in preparation to create a vehicle asset map that is open to the public. This initiative is driven by the idea that investors should be able to easily check their vehicle assets regardless of the location, taking advantage of digital assetization.

MVL's CEO, Kay Woo, once stated, "We can transform traditional financial services for vehicles into affordable products through blockchain lowering the barrier as it used to be hindered by complicated relationships among various stakeholders." He further disclosed plans to establish a corporation in Japan, known for its progressive regulations. He is currently in discussion with regulatory authorities and banking partners to launch Vehicle RWA products.

Moreover, leveraging their six years of expertise in the mobility business, MVL has been demonstrating unique strategies designed to garner high trust and support from the community. Looking ahead, they aim to expand their actual mobility operations and solidify their position in the global blockchain market, utilizing the accumulated data and technological prowess.

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Contact name: Rose Purevdorj
Company name: MVL

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