Solana-based ridesharing app Teleport is shutting down
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.
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.
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.
You may also like
XRP News Today: XRP Declines as ETF Investments Unable to Halt Downward Momentum
- XRP fell below $2.00 as macroeconomic uncertainty and ETF inflows failed to reverse its bearish trend despite $105M in Bitwise ETF inflows. - Futures Open Interest dropped to $3.57B, whale sales of 200M XRP, and institutional outflows accelerated the decline below key technical levels. - Technical indicators show RSI at 43 and negative MACD, with analysts warning of potential 50% declines to $1.25 if $2.00 support breaks. - The SEC-approved Bitwise 10 Crypto Index ETF (4.97% XRP allocation) may reshape d
Data Shortfalls and Policy Conflicts Prevent Fed from Lowering Rates in December
- The Fed’s December rate cut prospects have dimmed, with officials citing data gaps and inflation concerns, reducing the CME FedWatch probability to 32%. - Delayed BLS labor market reports left policymakers without critical metrics, fueling skepticism about justifying a cut amid internal divisions. - Officials like Christopher Waller argue for easing due to a "stall speed" labor market, while Lorie Logan and Beth Hammack caution against premature cuts risking inflation and market instability. - Markets ha
Bitcoin News Update: US Investigates Whether Bitmain Devices Pose Threat to Power Grid, Raising Concerns Over Espionage
- U.S. government investigates Bitmain's mining hardware over espionage risks, led by DHS with agencies like FCC and NSC. - Senate Intelligence Committee warns Bitmain's devices near military sites could be remotely manipulated from China, linking them to CCP ties. - Bitmain denies allegations but faces scrutiny after Trump family's $314M purchase of 16,000 machines raised conflict-of-interest concerns. - Investigation highlights broader U.S. fears about China's crypto dominance, following Wyoming mining f
Bitcoin Updates: Bitcoin Drops 25% While ETFs Remain Stable, Underscoring Confidence from Institutions
- Bitcoin fell to $82,605 in Nov 2025, mirroring FTX-era losses with STHs holding 2.8M BTC at a loss. - ETF assets remain stable despite 25% price drop, showing institutional confidence amid retail distress. - Market corrections erased $120B in value, pushing total crypto cap below $2.8T as analysts warn of further declines. - Weak U.S. employment data and fading Fed rate cut hopes exacerbate fears of a potential $75K price target.
Trending news
MoreCrypto prices
More
