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Developer Of Teleport Raises $9 Million In Bid To Compete With Uber

According to CoinDesk, the Decentralized Engineering Corporation (DEC), which developed the ride-sharing software Teleport, has acquired $9 million in early investment to compete with existing ride-sharing applications like as Uber and Lyft.

Developer Of Teleport Raises $9 Million In Bid To Compete With Uber 3

The funds will be used by DEC, a software company, to expand Teleport, which is powered by DEC’s TRIP protocol. Solana is the foundation of the project.

According to its founder, Paul Bohm, Teleport aims to overcome some of the challenges that traditional ride-sharing has by restoring authority to drivers and consumers. He stated:

“We’re giving ownership to anyone who brings people using the protocol, because the protocol should reward the people building it well.”

Foundation Capital and Road Capital co-led the seed round, with participation from Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal. Uber’s third-ever employee, engineer Ryan McKillen, as well as social media personality Jake Paul, Flexport founder Ryan Petersen, and Farcaster co-founder Dan Romero, are among the individual strategic investors.

Developer Of Teleport Raises $9 Million In Bid To Compete With Uber 4

Ryan McKillen, a former product manager and the first software engineer at Uber who also participated in Teleport’s seed funding, stated:

“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. Riders and drivers will migrate from centralized middlemen to an open economy with aligned economic incentives.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.