Decentralized ride-hailing app Teleport creators raise $9M to take on Uber
Summary
Decentralized Engineering Corp., the developer of the decentralized ride-hailing app Teleport, said today it has raised $9 million in funding to compete with traditional ride-hailing apps on 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. As a result, drivers receive a larger 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 its not controlled by a big corporation.According to DEC, the user experience of Teleport is designed to closely mimic current ride-hailing apps, such as Uber and Lyft so that customers and drivers dont have to learn too many new things in order to use it. This opens up numerous opportunities for users who are not familiar with the crypto landscape to use the app without the need for any technical knowledge. Users who want to get paid out in crypto can remain in that ecosystem.User-friendliness is a common problem for blockchain-based apps and can be a major reason for slow adoption. A pilot will be demonstrated at Solanas Breakpoint conference in Lisbon in November and the Art Basel event in Miami in December.This isnt the first time that decentralized apps have attempted to take on the ride-hailing industry.
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