Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Solana-based ridesharing app Teleport is shutting down

Solana-based ridesharing app Teleport is shutting down

The BlockThe Block2025/01/29 16:00
By:The Block

Quick Take The decentralized competitor to Uber and Lyft is shutting down, the company announced on Thursday. Teleport was founded in 2022 and raised $9 million amid a surge in interest in “dePIN” projects.

Solana-based ridesharing app Teleport is shutting down image 0

Teleport, the Solana-based Uber and Lyft competitor, is shutting down, the company announced on Thursday. 

“This is not the outcome we had hoped for, but we’re incredibly grateful for this community and everyone who believed in the vision and showed up with enthusiasm,” the company wrote. “Your support meant everything. Thank you for believing in us, and we’re sorry we didn’t find a way to make this business work!”

The company’s website now redirects to a  message alerting users of the winddown. The app will provide off-ramping support until Feb. 28 so users can receive their remaining USDC stablecoin balances and private keys. 

“We’re hoping to post a more detailed analysis of what led to this decision in the future, but for now we’re focused on an orderly wind down,” the company said. 

Early crypto investor and former Dropbox coder Paul Bohm founded Teleport in 2022 amid booming interest in so-called “dePIN” projects. These “Decentralized Physical Infrastructure Networks,” like internet provider Helium, are attempts to bring crypto offline and into the real world. 

Teleport used a reward system inspired by Bitcoin's mining rewards, which rewarded early adopters with Compressed NFTs on Solana. 

In a previous interview, Bohm noted the app spread through “permissionless marketing.”

“Instead of spending corporate budget on acquiring drivers and writers we give other people the tools to recruit each other,” he said

The idea was to reduce ride-sharing costs and boost drivers' revenues by creating a more efficient bidding market on its transparent and open Rideshare Protocol. 

The Decentralized Engineering Corporation that built the app raised $9 million in a seed funding round co-led by Steve Vassallo at Foundation Capital and Thomas Bailey at Road Capital.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

The RWA (Real-World Assets) sector has been gaining significant traction in the crypto space, as it tokenizes traditional assets like real estate and bonds to bridge the gap between TradFi and DeFi. This process unlocks trillions of dollars in potential value, while enabling broader access to high-value investments through asset fractionalization, increased liquidity, and lower entry barriers. RWA also diversifies and stabilizes DeFi collateral options, addressing the sector's over-reliance on crypto-native assets and paving the way for large-scale adoption. With regulatory frameworks becoming clearer worldwide, the compliance advantages of RWAs are increasingly evident—drawing in institutional capital. What sets RWA projects apart is their connection to real-world income streams like rent and interest payments, offering more sustainable returns than purely speculative assets. These cash-flow-generating features appeal to investors seeking steady returns. As such, RWA is seen as a crucial step in the evolution of blockchain technology from concept to practicality. Its development potential and practical use cases make it an important sector in the crypto industry today.

Bitget VIP2025/03/28 05:56
Bitget VIP Weekly Research Insights