certify
Home arrow Article arrow Article Detail

Decentralized Teleport (TRIP) protocol raises $9M

Profile Image

Joyashree Dey Follow

INDIA

Oct, 31 2022

Oct, 31 2022

likes | comments 0

Article Image

The software developer company Decentralized Engineering Corporation (DEC), has raised $9 million in seed funding in a bid to compete with Uber and Lyft, established ride-sharing apps. 


DEC, which developed the ride-sharing app Teleport, will utilize the proceeds to further develop Teleport. The project is based on Solana and powered by DEC’s TRIP protocol. 


According to founder, Paul Bohm, Teleport looks to address a portion of the headwinds looked at by traditional ride-sharing, giving control back to customers and drivers. Bohm further stated, “We're giving ownership to anyone who brings people using the protocol because the protocol should reward the people building it well,” Bohm stated. 


Thomas Bailey at Road Capital and Steve Vassallo at Foundation Capital co-led the seed funding round. Among other strategic investors that joined the round included Josh Mohrer, who was the ex-general manager of Uber New York. 


Teleport’s application is supposed to be live at the end of the final quarter of this year, the company said in a statement on October 27. It will be shown at two places in the following months- the Solana  Breakpoint event in November, as well as at Art Basel in Miami this December. 


“By turning ride-sharing into a protocol, Teleport is building what we couldn’t build at Uber in 2010, and what Uber should be building today,” Ryan McKillen, a former product manager and software engineer at Uber who also participated in Teleport's seed funding, said in the statement. “Riders and drivers will migrate from centralized middlemen to an open economy with aligned economic incentives." 


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
EU legislators make efforts to implement stricter rules on anonymous crypto transfers

To stop money laundering and terrorism financing, European Union legislators have endorsed a new draught rule putting a maximum of 1,000 euros ($1,083) on anonymous cryptocurrency transfers..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.