Home The ridesharing app and Solana-based Teleport is shutting down

The ridesharing app and Solana-based Teleport is shutting down

The ridesharing app that leverages blockchain technology Teleport has suddenly shut down, with the company announcing the news on Thursday (January 30).

While the website once allowed customers to use the site and learn about the app, it now flashes up a message warning of the shut down.

“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. 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 message continues: “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 Teleport app will support offramping any remaining USDC balances and exporting your private key until 28 February 2025.”

An engineer named Chase has reposted the news on X, writing that while the decision was difficult, it was necessary. “The rideshare market isn’t ready for a decentralized protocol just yet.”

What was Teleport trying to do in the industry?

The whole premise of this ridesharing service was that it was decentralized and uses blockchain technology with an aim of lowering the costs. On the company’s X account, it states “riders pay less. Much less. Drivers earn more. Much more. And early adopters get rewarded.”

The company was founded in 2022 by Paul Bohm, with the Decentralized Engineering Corporation that built the app having raised $9 million a seed funding round.

The app included a full Solana wallet, with all transactions and key data recorded on-chain. As for the ride-share operators, these included local entities that connected drivers and riders. It’s those that compete with each other on pricing and service quality.

In a previous interview with Solana Compass, the founder highlighted how it was the disparity between what riders pay and what drivers earn that initially sparked his interest.

Featured Image: Via Teleport on X

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Sophie Atkinson
Tech Journalist

Sophie Atkinson is a UK-based journalist and content writer, as well as a founder of a content agency which focuses on storytelling through social media marketing. She kicked off her career with a Print Futures Award which champions young talent working in print, paper and publishing. Heading straight into a regional newsroom, after graduating with a BA (Hons) degree in Journalism, Sophie started by working for Reach PLC. Now, with five years experience in journalism and many more in content marketing, Sophie works as a freelance writer and marketer. Her areas of specialty span a wide range, including technology, business,…

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