Teleport, a ridesharing app built on the Solana
The company cited a lack of market readiness for decentralized ridesharing as the reason for its closure.
The announcement was shared in a post on X and the company’s website on January 30. The statement read, “This is not the outcome we had hoped for. We’re sorry we didn’t find a way to make this business work!”
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Best Crypto Analysis Indicators Explained (Beginner-Friendly Animation)
Founder Paul Bohm reflected on the experience, calling it “the hardest thing I’ve ever tried doing”.
Teleport engineer @Chasewhip also shared on X that the market is not ready for a decentralized rideshare model. He described the decision to close as difficult but necessary.
Teleport, launched to the public in June 2022, was built as the mobile client for the TRIP Rideshare Protocol, managed by the Decentralized Engineering Corporation.
The startup had raised $9 million in October 2022. It aimed to compete with traditional rideshare services by offering lower service fees—taking a 15% cut per ride. Drivers could also choose to receive payments in USD Coin
The company has stated that it will provide a more detailed explanation of its closure. In the meantime, it is focusing on winding down operations and ensuring users can withdraw their USDC balances and private keys before the February 28 deadline.
Meanwhile, Pump.fun, a platform for creating memecoins on Solana, was recently sued in a New York federal court. What were the allegations? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
