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
Dash's Price Soars 150%: Temporary Volatility or the Start of a Lasting Rally?
- Dash (DASH) surged 150% in June 2025, driven by Platform 2.0 upgrades, institutional adoption, and pro-crypto policies. - Institutional inflows ($780M+), cross-chain interoperability, and retail payment integrations boosted DASH's utility and speculative demand. - Privacy features and 0.80 Bitcoin correlation fueled gains, but 77% PrivateSend opacity and regulatory risks question sustainability. - DASH's future hinges on balancing privacy-transparency trade-offs, macroeconomic clarity, and expanding merc
Investing in Educational Technology as Demand for AI and STEM Expertise Grows
- Global EdTech market valued at $277.2B in 2025 is projected to surge to $907.7B by 2034, driven by AI integration in personalized learning and VR/AR tools. - Investors prioritize platforms aligning academic programs with AI/STEM workforce needs, achieving 20-75% higher ROI through systemic AI adoption across institutions. - Case studies like MIT's $350M AI college and OpenClassrooms' 43,000 career-advancing learners demonstrate scalable ROI from workforce-aligned education models. - Despite uneven AI int
Zcash’s Unpredictable Rise: Immediate Drivers and Future Outlook for Privacy
- Zcash (ZEC) rebounded 20% after a 55% drop, testing $375 as liquidity events and technical indicators fueled short-term optimism. - RSI/MACD signals suggest potential $475 breakout if bulls reclaim $375, though ZEC remains 57% below its 2025 peak. - Institutional adoption grows with Grayscale Zcash Trust assets surging 228%, driven by optional privacy tech attracting both retail and institutional users. - Regulatory scrutiny under MiCA and FinCen rules, plus Zcash's hybrid privacy model vs. Monero/Dash,
Zcash Halving and Its Impact on the Cryptocurrency Market
- Zcash’s 2028 halving will reduce block rewards by 50%, mirroring Bitcoin’s scarcity-driven model. - Historical data shows pre-halving price surges, fueled by FOMO and social media-driven hype cycles. - Behavioral economics highlight crypto markets’ reliance on narratives over fundamentals, with sentiment driving 30% of short-term price swings. - Zcash faces adoption challenges despite robust privacy tech, as regulatory uncertainty and competition limit its market share growth. - The 2028 event tests whet
Trending news
MoreCrypto prices
More
