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ThecoinrepublicNewsDecentralized app Teleport creators Raise $9 million...
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Decentralized app Teleport creators Raise $9 million to take on Uber

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  • Decentralized Engineering corp announced that it has raised $9 million and is set to compete with traditional ride-hailing app
  • According to DEC Teleport is designed somehow similar to other ride-hailing app to make it easy for users to use
  • The app will be decentralized and will not be owned by any megacorporation

Today Decentralized Engineering Corp (DEC) has announced that it has raised $9 million in funding and is all set to compete with traditional ride-hailing apps who are present in the market such as Uber and Lyft. 

The seed funding round was co-led by Foundation Capital and Road Capital with participation from investors at Thursday ventures, 6th man ventures, 305 Ventures and common metal, as well as individual investors. Decentralized Engineering Corp DEC also said that it would use the new fund to expand its platform and the Rideshare Protocol, or Trip which is designed to underlie decentralized ride-hailing apps.

TRIP has been developed in such a way making it easy for  the app developers to use and connect drivers and passengers , using the peer to peer blockchain technology and is developed as a decentralized marketplace and does not include any middleman like any other apps that are owned by megacorporations.

The main objective of the platform is to make drivers available as per the need of the customers without any centralized service which will automatically result to driver receive a large cut of the proceeds of their work and worry less about their pay at the end of the day and customers have greater control of the data they put into the system because their will no big corporation that will be having the middleman power.

According to DEC, Telepot is designed very much like current ride-hailing apps such as Uber and Lyft so that customers as well as drivers do not find it difficult to use it . But it doesnt change the fact that it is a blockchain-based app but it only uses crypto for its inner working and users will not need crypto to use the app.

Paul Bohm who is a chief executive of DEC and also the founder of Teleport said 

“We keep it very,very close, we don’t want any extra steps on either the driver or rider side , but the difference is that you’re no longer part of monopoly”

Although the app will be blockchain based, the customers will be able to pay using credit card or the USDC stablecoin and will make it easy for the users who want to use the app but are not well  aware about crypto. And the drivers can receive payment using a direct payment to their bank account or via USDC stablecoin and there will not be any involvement of any bif corporation.

As per the reports the app is expected to launch during the fourth quarter of the year. And allowing both types of payment be it crypto or traditional payment will help will the Teleport get the benefit of both worlds 

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Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
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