Teleport, a decentralized riding service in Solana, announced on Thursday that it closed.
The company admitted that it was unable to maintain operations. He – she books:
“This is not the result that we were hoping, but we are incredibly grateful to this society and everyone who believes in vision and appeared enthusiastically. Your support means everything. Thank you for believing in us.“
Space transportation is turned off as users have until February 28 to withdraw money
The company’s website currently contains a message that reports visitors. The application will provide support outside the award until February 28 so that users can receive the remaining Stablecoin balances and special keys.
At the same time, the company Hope to spread a more detailed analysis of what led to this decision in the future, but at the present time, we focus on an organized retreat.
Leaded by the early investor for encryption and former Dropbox engineer Paul Boham, space transport was launched in 2022 when projects of decentralized physical infrastructure networks (DePin) began in prosperity. Just as Helium did, Teleport also aims to integrate Blockchain -based incentives into real world applications.
The company was different from the traditional riding companies such as Uber and Lyft since it used Solana’s Blockchain to create an open and transparent market. Teleport’s Rideshare’s Rideshare Protocol to reduce the costs of cyclists and increase drivers’ profits by excluding mediator companies.
The acquisition of customers was not traditional but “marketing without permission”, as users can find drivers and passengers and bring them to the network.
Teleport used a bonus inspired by bitcoin mining bonus, which is equivalent to the first adopters with compressed NFTS on Solana.
Seed financing worth 9 million dollars for December cannot provide space transportation from industry challenges
The Decentralization Engineering Corporation (DEC), which built the application, raised $ 9 million in a seed financing round by Steve Vasalo at Capital and Thomas Billy in Road Capital.
However, while its innovative model was built on a sound idea, Teleport failed to obtain a critical mass and financial health. The ride participation industry is competitive, as the current players keep their strongholds to users by owning a large user base, organizational strength, and a financial backup copy.
While Blockchain incentives were a way to do things differently, they were not enough to help space transportation in transportation through the operational challenges and the market faced by the project.
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